From Freshly to Fund I: Operators Raise $75M to Back New Consumer Brands

By Daniel Thomas

NEW YORK & BOSTON – February 24, 2026 – Cutting Horse, a growth equity firm founded by the seasoned operators behind billion-dollar brands like Freshly and Petfolk, has successfully closed its oversubscribed inaugural fund at $75 million. The fund, which surpassed its initial $50 million target in less than a year, signals strong investor appetite for a new breed of investor: the operator-investor who brings more than just capital to the table.

The firm’s strategy is to make minority investments ranging from $1 million to $10 million into founder-led consumer businesses generating $1 million to $20 million in revenue. But for founders, the real value proposition lies in the hands-on operational expertise of its leaders, Chris Protasewich and Michael Wystrach.

“Our mission is simple: we provide growth capital and operational support to founders building enduring consumer brands,” said Chris Protasewich, Co-Founder and Managing Partner, in a statement. “We look to partner with founders who want more than capital. They want experienced operators who understand how to scale thoughtfully and build businesses that last.”

The Operator-Led Advantage

In a crowded private equity landscape, Cutting Horse is distinguishing itself by positioning its founders’ direct operational experience as its core asset. This model directly addresses a growing demand from entrepreneurs who seek strategic mentorship from those who have successfully navigated the treacherous path of scaling a consumer business.

The partnership is led by Michael Wystrach, who co-founded the direct-to-consumer meal platform Freshly and scaled it to a landmark $1.5 billion acquisition by Nestlé. His partner, Chris Protasewich, was an early investor in Freshly during his tenure at Highland Capital Partners, marking the beginning of a long and fruitful collaboration. Together, the pair has helped create over $5 billion in enterprise value and has also co-founded Petfolk, one of the fastest-growing veterinary platforms in the United States.

This deep-seated experience forms the bedrock of the firm’s approach. “We’ve been in the founder seat and understand the weight of the decisions leaders face at key inflection points,” stated Wystrach. “Our role is to bring capital, clarity, and real operating experience to help founders scale in a way that builds long-term enterprise value.”

The firm runs a concentrated portfolio, ensuring they can provide meaningful, hands-on support. This philosophy is validated by founders who have worked with them. James Sullivan, founder and CEO of residential property management platform Cassi, described the partnership as transformative. “They have been in the weeds with us from day one, helping recruit key hires, making introductions to the right vendors, and leveraging their network in ways that have accelerated our success,” Sullivan noted. “Their perspective, as operators who have scaled billion dollar businesses, elevates the quality of advice, deepens the level of trust, and broadens the lens through which key decisions are made.”

This sentiment was echoed by Albert Matheny, founder of Promix Nutrition, which was acquired in 2024. Matheny praised the team for bringing "real operating experience at exactly the right moment," which helped sharpen the business for its next chapter.

A Track Record That Builds Confidence

The rapid and oversubscribed fundraising for Fund I is a testament to the credibility Protasewich and Wystrach have built. Their journey with Freshly, from a startup idea to a household name and a major acquisition, serves as a powerful case study for both limited partners and prospective portfolio founders. Wystrach guided Freshly to ship over a million meals per week, a logistical and operational feat that provides an invaluable playbook for other direct-to-consumer brands.

Their more recent venture, Petfolk, which Wystrach co-founded with his veterinarian sister, Dr. Audrey Wystrach, further cements their reputation as brand-builders in high-growth service sectors. With 36 locations across seven states, Petfolk is disrupting the traditional veterinary care model by focusing on technology, transparency, and a better customer experience.

The firm's name itself, inspired by the precision and focus of the cutting horse, reflects this disciplined, partnership-driven ethos. By leveraging a proven track record, the firm has attracted a strong backing from institutional investors, family offices, and fellow operators who believe in their specialized approach to generating lasting value in the consumer space.

Betting on the Future of Consumer Brands

With $75 million ready to deploy, Cutting Horse is focused on identifying the next wave of consumer innovation. The firm’s investment thesis centers on partnering with founders building distinctive businesses at critical inflection points, where a combination of capital and operational guidance can have an outsized impact.

Their portfolio already reflects this diversity, with investments spanning food and beverage, health and wellness, pet care, and consumer services, including brands like SuperTeeth, BetterWild, and Feel Goods. The firm sees continued opportunity in a market where emerging brands can outmaneuver incumbents by fostering authentic customer connections, building strong brand identities, and maintaining disciplined unit economics.

Furthermore, Cutting Horse is keenly aware of the technological shifts shaping the industry. The firm believes consumer businesses stand to benefit significantly from advances in AI, which can enhance execution and capital efficiency. However, they maintain that technology is a tool, not a replacement for the core tenets of a great consumer business: a differentiated product or service that customers love. As they deploy Fund I, the team will seek founders who share this vision and are poised for disciplined, long-term growth.