![]() ![]() Gravwell (July 2021) - Gravwell is the best in class solution for log and analytics management in operational technology and industrial control systems (OT/ ICS) security.īioSqueeze (September 2021) - a Butte, MT-based oil and gas services company that seals oil wells that otherwise cannot be sealed. We continue to be excited by the quality of companies we are given the opportunity to work with. Below are a few of the new portfolio names we’ve funded and are excited to announce. It is a privilege to play this important role as a regional VC firm, and we look forward to continuing to unlock the potential of entrepreneurs across the Intermountain West. All of us at NFC are humbled by the quality of people we work with and the impactful missions and values of the companies and individuals in our orbits. We maintain a robust confidence in the Intermountain West as a stellar place to live, work, and invest. While the COVID-19 pandemic has been difficult in many ways, it has also accelerated the inflow of financial and human capital into the Intermountain West, providing the inputs for continued creation of innovative and impactful companies. Companies such as OnX, TwinThread, Biosqueeze, Optera, Advisr and many others in our portfolio are having an impact on a national and global scale. We continue to be amazed by the capable and visionary founders and entrepreneurs already in, and moving to our region. Entrepreneurs in Idaho, Wyoming, Nevada, New Mexico, and Arizona face many of the same challenges as founders do in Montana, and NFC will look across the region to find and back the best entrepreneurs in the Rockies. We believe regional VC firms will continue to play an important role expanding capital availability in other IMW states. We are deeply proud of the impact NFC has had on the accessibility of capital in our home state. Importantly, for every $1 NFC has invested in its Montana portfolio since its founding, $9.52 of outside capital has been invested in our Montana portfolio companies. Montana is fast approaching the one billion dollar milestone of total VC dollars invested and more national firms than ever are interested in Montana companies. Since NFC’s founding, the ability of Montana founders to raise venture capital has fundamentally changed. This is exactly the challenge we have been addressing in Montana since 2015. Growth firms deploying capital demand companies meet the same milestones to secure funding regardless of geography, putting IMW companies at a systematic disadvantage. Chronic underfunding puts IMW companies and founders on an uneven playing field, which requires scrappy capital efficiency in order to compete with their better funded coastal peers. #Highest lp venture towns seriesIn 2021, venture-backed companies in the IMW (B2B and IT) raised 83 percent of what their coastal counterparts raised at the Series Seed and just 78 percent of what their coastal counterparts raised at the Series A. ![]() This creates significant headwinds for Intermountain West (IMW) companies during the journey to growth capital. We recently conducted an analysis of venture funding across the United States and found venture funding per capita in the Intermountain West has been and still is a small fraction of venture funding in coastal states. But even with record amounts of venture capital being raised and deployed, up and down the Rockies, companies are facing challenges raising rounds compared to their coastal peers. Importantly, these conditions are not exclusive to coastal venture markets we see similar trends in the Intermountain West today. VC funding in Q3 of last year was double the Q3 2020 total. VC firms are raising record sized funds and deploying capital at furious paces. The median late stage VC backed company is now a unicorn, with a valuation of $1.1 billion. Median pre-money valuations for the types of companies we typically invest in (US B2B and IT) increased from $27 million in 2020 to $40 million in September of 2021. ![]() Market conditions at the end of 2021 in venture were fast approaching exuberance. ![]()
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