Top 5 Angel Investors in Montana
Montana's top angel investors and venture capital firms include Pat LaPointe of Frontier Angels, Liz Marchi, Next Frontier Capital, Frontier Angels, and Two Bear Capital. These individual angels and firms back early-stage tech, biotech, and healthcare startups across the state. AngelMatch currently lists 50+ investors based in Montana.
Talking about startups, we often think about states like California, North Carolina, or Colorado, which are filled with exceptional startups and going through superb growth.
But! Remember that growing states will always provide you with many opportunities to start new businesses, especially when there is low competition. Montana is a state that has a lower number of startups, which opens up room for new businesses.
However, entrepreneurs who do not have the investment to start a new business often get confused about how to attract funding and whom to pitch to.
That is why we have prepared the list of the top angel investors and VC firms in Montana, along with their investment interests.
Top 5 Angel Investors and VC Firms in Montana
Following is the list of some of the top-ranked angel investors and VC firms in Montana.
Pat LaPointe
- LinkedIn: Pat LaPointe
- Investor Type: Individual Investor
- Investment Interests: Energy and Healthcare
- Investment Stage: Early
Pat LaPointe is an entrepreneur who has built and sold three companies in the marketing and data analytics field. He is the Managing Director of Frontier Angels and served on the board of the Angel Capital Association. He has a portfolio of over 60 investments.
LaPointe prefers to invest in startups in the sectors of AgTech, AI, Analytics, IoT, Health-Tech, InfoSec, and Enterprise SaaS. He does not invest in startups that have too much competition or are led by inexperienced individuals.
LaPointe has been funding startups since at least 2015, which is when he became the Managing Director of Frontier Angels. His investment range can go up to $500,000, though most of his investments are around $200,000. Some of his portfolio companies are:
CurvaFix: CurvaFix is a medical device company that focuses on developing solutions for the orthopedic trauma sector. It offers the CurvaFix intramedullary rodscrew, a device capable of following the natural bone shape and filling the space within curved bones such as the pelvis.
PowerGrow: PowerGrow is a greenhouse-as-a-service company. PowerGrow develops, designs, finances, builds, operates, and maintains renewable-powered commercial greenhouse facilities for growers.
Liz Marchi
- Website: Two Bear Capital
- Investor Type: Individual Investor
- Investment Interests: Tech and Healthcare
- Investment Stage: Early
Liz Marchi is also a prominent name in the angel investing scene in Montana. She has been a pioneer in building access to equity capital and high-value startups in several locations throughout the state. She founded and led Frontier Angels for 12 years, during which she seeded more than $20 million in very early-stage capital.
More recently, Liz Marchi has made individual investments in startups with a strong idea and high growth potential. She focuses on companies that have market traction and are led by founders with five or more years of experience in their field.
Aside from her investment activities, Liz Marchi also attends numerous growth events and workshops to deliver talks. She guides early stage businesses about how they can tackle different startup challenges when things aren't going their way.
The investment range of Liz Marchi runs from $25,000 to $150,000. Some of her portfolio companies are:
Walls360: Walls360 is a provider of an online platform used to offer wall graphic products. Its platform allows digital content partners to get wall murals, posters, kids walls, video game wall graphics, art, and design wall graphics.
Social Good Network: Social Good Network develops online and mobile fundraising solutions that increase engagement and build community by making social commerce more convenient and meaningful.
Next Frontier Capital
- Website: Next Frontier Capital
- Investor Type: Venture Capital Firm
- Investment Interests: Tech, Real Estate, Software, B2B, and Consumer Products
- Investment Stage: Seed
Founded in 2015, Next Frontier Capital is a renowned venture capital firm that invests in Montana-based startups. It was founded by Will Price, alongside partner Richard Harjes.
Next Frontier Capital partners with mission-driven, talented entrepreneurs to build technology companies, concentrating on seed-stage and early-stage rounds. During screening, the team focuses on startups that have strong growth potential and present unique solutions.
Aside from its investment activities, Next Frontier Capital also focuses on guiding startups through its different mentorship programs. They invite some of the most famous mentors in the USA to their networking events to guide entrepreneurs.
Next Frontier Capital invests out of its fourth fund and typically backs rounds in the $2 million to $10 million range. Among many of their investments, notable portfolio companies are:
VirtualZ Computing: A privately held, woman-founded, women-led software company that is revolutionizing mainframe and cloud data access.
King Energy: Enables commercial-scale solar at shopping centers and office buildings, bringing financial benefit to property owners and their tenants.
MonetizeNow: Eliminates go-to-market friction for the modern B2B enterprise.
Bridger Photonics: Bridger Photonics’ Gas Mapping LiDAR™ makes it simple and efficient for the oil & gas industry to reduce methane emissions and improve overall safety.
Frontier Angels
- Website: Frontier Angels
- Investor Type: Angel Investment Group
- Investment Interests: Tech
- Investment Stage: Early and Seed
Frontier Angels is a group of more than 100 angel investors who fund tech-related startups in Montana. They gather every few weeks to review investment opportunities in the emerging technology ecosystem.
When funding startups, Frontier Angels focuses on generating attractive returns for their investors, building and organizing the pool of available early-stage capital to make it easier for entrepreneurs to get funded, and investing in companies that will grow.
They run a rigorous screening process and focus on tech-leveraged business models where the product is based on some proprietary technology the company developed or licensed. They look for scalable opportunities that have the potential to get very big. In practice, that means companies that plan to be doing $10M or more in annual revenue within a few years.
The investment range of Frontier Angels runs from $200,000 to $1 million. Usually, Frontier Angels don't publicize their portfolio companies. However, one of their known investments is:
AVOL Aerospace: AVOL Aerospace is a company that provides an autonomous electric aircraft transport service. The company’s aircraft offer larger internal volume and lower costs compared to existing options, enabling logistics carriers to transport larger payloads.
Two Bear
- Website: Two Bear Capital
- Investor Type: Venture Capital Firm
- Investment Interests: Biotech, AI, and Technology
- Investment Stage: Seed
Two Bear Capital was founded in 2019 by Mike Goguen, a two-decade veteran of Sequoia Capital. The firm is headquartered in Whitefish and has backed around 20 startups.
Two Bear Capital focuses on early-stage companies with exceptional ideas, particularly in biotech and life sciences, alongside AI, machine learning, and cybersecurity.
Once a startup has been funded, Two Bear Capital supports its portfolio companies with the early-stage capital and mentorship they need to grow into enduring businesses.
The investment range of Two Bear Capital often depends on the startup. However, they usually fund startups around $1M.
Notable portfolio companies are:
Arch Systems: Arch Systems, founded by Stanford engineering PhDs, provides manufacturers with an advanced analytics platform for factory-wide and multi-factory operations. Its product, ArchFX, gives manufacturers data-driven visibility across their smart factory machines.
Graphiant: Graphiant is a provider of next-generation edge services. Their Network Edge solution connects enterprise resources, hybrid cloud, network edge, customers, and partners. Graphiant raised $62 million in a Series B funding round led by Two Bear Capital.
Leapfrog Bio: Leapfrog Bio is developing targeted therapies for cancers driven by genetic mutations that cannot be treated with conventional approaches. Their Precision PGx Platform™ discovers synthetically lethal relationships between loss of function mutations and pharmacological drug effects.
Sanavia: Sanavia Oncology is working to access the biology that will provide the understanding needed to develop novel immunotherapies that can safely and effectively overcome drug resistance and improve patients’ lives.
Wrap-Up:
In conclusion, always remember that angel investors seek profitable businesses that add value to their portfolios. They want to ensure that the startups they invest in can generate massive revenue and generate profits for the investors.
That is why, when you are pitching to such investors, it is always recommended to prepare a strong pitch deck. Add points in your presentation about why the investors should fund your startup and how it can turn out to be profitable for them. Once your deck is ready, you can rehearse and sharpen your delivery with Pitch Perfect.
Good Luck!
Frequently Asked Questions
Who are the top angel investors in Montana?
Montana's most active angel investors and venture firms include Pat LaPointe, managing director of Frontier Angels, and Liz Marchi, founder of the Frontier Angel Funds. On the firm side, Next Frontier Capital, Frontier Angels, and Two Bear Capital fund early-stage tech, biotech, and healthcare startups across the state.
What industries do Montana angel investors focus on?
Montana investors lean toward technology, biotech, and life sciences. Two Bear Capital targets biotech, bioinformatics, AI, and cybersecurity, while Next Frontier Capital backs B2B and deep tech. Frontier Angels and Pat LaPointe favor software, ag-tech, health-tech, and analytics, reflecting the state's growing Rocky Mountain tech ecosystem.
How much do Montana angel investors typically invest?
Check sizes vary by investor. Individual angels such as Liz Marchi have written checks in the $25,000 to $150,000 range. Firm-led rounds run larger: Next Frontier Capital now backs rounds in the $2 million to $10 million range through its latest fund. Confirm current ranges with each investor directly.
How can startups get in front of Montana angel investors?
Start with a clear pitch deck and a warm introduction where possible, since many Montana angels invest through groups like Frontier Angels that review deals at regular meetings. Research each investor's focus and stage before reaching out, since knowing what angel investors look for helps you target the right fit.
