Next Frontier Capital announced today that it has raised a $38 million fund to deploy more capital to Montana startups.

The fund is the Bozeman, Montana-based firm’s second.

Founder and general partner Will Price made the announcement today at VentureBeat’s Blueprint conference.

“We feel like with the launch of the second fund, we’re riding a larger wave of interest in Montana,” Price told VentureBeat in a phone interview last week.

When Next Frontier Capital raised its first fund in 2015, Price said, Montana startups were only garnering about $6 million in venture capital money each year.

In 2017, Montana startups raised $83 million.

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