Frontier Capital Raises $390M, Eyes Utah, Colorado Investments

In what is good news for the region's growing software and software-enabled companies, growth equity investor Frontier Capital said this morning that it has raised a new, $390M fund--and is specifically looking at companies in Utah and Colorado for investments. The investment fund, which has funded such Utah companies as MultiLing and NetDocuments, as well as Denver's IntelliSecure and talentReef, said the new fund will allow it to invest $10M to $40M in minority and majority ownership positions in software and services companies. Frontier Capital is based in Charlotte, North Carolina, but has been very active looking at investments in the region. The company said it is looking for companies with $5M to $30M in revenues, in B2B software-as-a-service, health and benefits, human capital management software, managed IT infrastructure, and technology enabled services.