Venture capital in Montana
2 venture firms are based in Montana, from SEC filings and the fund index. Below them are Montana’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices.
On this page: 2 venture firms 11 other sources of capital 5 LPs.
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Venture firms based in Montana
2 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | Next Frontier Capital MC, LLC | Bozeman | 11 | $290M | 2021 |
| 2 | Millennium TVP Management Co., LLC Emerging | Belgrade | 2 | $116M | 2026 |
Other sources of capital in Montana
5 community development lenders, 5 SBA lenders, and 1 angel group. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| Frontier Angels | Bozeman | Montana angel network with five chapters backing technology-enabled companies in the Rockies and the West, typically at seed stage. |
| Great Falls Development Authority, Inc. | Great Falls | Community development loan fund in Great Falls, MT, certified by the US Treasury’s CDFI Fund. |
| Montana Community Development Corporation | Missoula | Community development loan fund in Missoula, MT, certified by the US Treasury’s CDFI Fund. |
| Montana Homeownership Network, Inc. The | Great Falls | Native community development loan fund in Great Falls, MT, certified by the US Treasury’s CDFI Fund. |
| NACDC Financial Services Inc. | Browning | Native community development loan fund in Browning, MT, certified by the US Treasury’s CDFI Fund. |
| Peoples Partners for Community Development | Lame Deer | Native community development loan fund in Lame Deer, MT, certified by the US Treasury’s CDFI Fund. |
| First Interstate Bank | Billings | 7(a) loans approved, fiscal year 2026: $40M |
| Glacier Bank | Kalispell | 7(a) loans approved, fiscal year 2026: $38M |
| Montana Community Development Corp. | Missoula | 7(a) loans approved, fiscal year 2026: $4M |
| Opportunity Bank of Montana | Helena | 7(a) loans approved, fiscal year 2026: $6.6M |
| The Yellowstone Bank | Laurel | 7(a) loans approved, fiscal year 2026: $5.9M |
LPs based in Montana
Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.
| # | LP | Location | Venture funds | In venture funds | Total assets |
|---|---|---|---|---|---|
| 1 | Dennis & Phyllis Washington Foundation | Missoula | 10 | $31M | $1.1B |
| 2 | Town Pump Charitable Foundation | Butte | 4 | $2.4M | $96M |
| 3 | Tykeson Family Charitable Trust | Ovando | 1 | $156K | $119M |
| 4 | Montana Healthcare Foundation | Bozeman | 0 | $7.2M | $287M |
| 5 | Headwaters Health Foundation of Western Montana | Missoula | 0 | $1.8M | $128M |
About the data
An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.