Cutting Horse, a new growth equity firm led by seasoned operators, has announced closing its inaugural fund at $75 million. Founded by Chris Protasewich and Freshly founder Michael Wystrach, the oversubscribed fund will back high-growth consumer businesses. The firm’s strategy emphasizes providing hands-on operational partnership in addition to capital to build enduring brands.
An Operator-Led Investment Philosophy
Co-founder Chris Protasewich outlined the firm's mission to provide both growth capital and operational support to founders. Cutting Horse seeks to partner with leaders who want more than just a check from their investors. They are looking for experienced operators who understand how to scale thoughtfully and build businesses that last.
The firm is built on a decade of collaboration between Protasewich and Wystrach, who founded the meal platform Freshly. Wystrach scaled Freshly to a $1.5 billion acquisition by Nestlé, with Protasewich as an early investor. Together, they have created over $5 billion in enterprise value and co-founded the fast-growing veterinary platform Petfolk.
“We’ve been in the founder seat and understand the weight of the decisions leaders face,” said Wystrach. He explained their role is to bring capital, clarity, and real operating experience to help founders scale effectively. This approach is designed to build long-term enterprise value by guiding leaders through critical growth inflection points.
Building a Concentrated and Impactful Portfolio
The firm's inaugural fund was significantly oversubscribed, closing at its $75 million hard cap after surpassing its initial $50 million target. This successful fundraise was completed in less than twelve months, showing strong investor confidence. The capital will support partnerships with founders of durable, high-growth consumer product and service businesses.
Cutting Horse runs a concentrated portfolio, partnering with a select group of founders annually to ensure hands-on support drives meaningful impact. This selective model allows the team to become deeply involved with each company's operations and strategy. The firm has already completed four investments, including one in residential property management platform Cassi.
Portfolio founders praise the firm’s distinct, hands-on approach, which they say differs from traditional investors. Albert Matheny of Promix Nutrition noted they brought crucial operating experience at exactly the right moment. James Sullivan, founder of Cassi, added that their operator perspective elevates advice and accelerates his business's success.
Targeting the Evolving Consumer Landscape
The firm’s investment thesis is that partnering early with the right founders presents the most compelling consumer investing opportunity. The fund received strong backing from institutional investors, family offices, and experienced operators. These investors share the belief that disciplined growth and authentic customer connection generate lasting value in the consumer space.
Looking ahead, Cutting Horse sees significant opportunity in the evolving consumer market where new brands are gaining share. The firm believes these businesses can deliver better products, stronger brand identities, and deeper customer relationships. It also notes that advances in AI can strengthen execution and capital efficiency for these emerging companies.
With its new $75 million fund and a leadership team of proven operators, Cutting Horse is poised for significant impact. The firm’s model of combining capital with deep operational expertise addresses a clear need among founders of high-growth consumer brands. This operator-led approach is set to foster a new generation of enduring companies in a dynamic marketplace.