Clare Ventures Successfully Exits Daisy Lab

Clare Ventures portfolio partner and precision fermentation company Daisy Lab has announced its acquisition by global industrial biotechnology group Mycofeast, connecting New Zealand-developed dairy protein technology with international R&D, manufacturing and commercial capability. The acquisition signals Clare Ventures’ first successful exit.

Clare Ventures made a pre-seed investment in Daisy Lab in 2022 and congratulates the founders and wider team on their incredible growth since launching in 2021, including progression from laboratory development through to a pilot fermentation facility in Auckland, while building specialist capability across strain development, fermentation, downstream processing and scale-up.

Daisy Lab has developed technology to produce dairy-identical proteins using precision fermentation, with a particular recent focus on lactoferrin – a high-value milk protein used in nutrition and health applications.

For Daisy Lab co-founder and CEO Irina Miller, the transaction represents the next stage of a journey that was always expected to extend beyond the capabilities of a small standalone startup.

“Daisy Lab was built in New Zealand because this is one of the best places in the world to work at the intersection of dairy science, fermentation and food,” Miller said.

“We have taken the technology from early laboratory work into 500-litre fermentation and built a strong lactoferrin programme. The next stage requires capabilities and infrastructure that simply don’t make sense for a small company to recreate on its own.

“Joining Mycofeast gives us a pathway to connect what we have built here with much larger R&D team at Evolutia Bio in the US, as well as manufacturing and commercial capabilities globally.”

Daisy Lab has deliberately developed its technology within New Zealand’s established dairy and food ecosystem, working with industry partners as well as biotechnology and fermentation specialists.

Witek Hruzewicz, CEO of Mycofeast, said Daisy Lab adds both specialist protein capability and a strategically important Australasian presence to the group.

“New Zealand has an exceptional combination of dairy science, fermentation expertise and practical engineering capability,” he said.

Daisy Lab’s immediate focus within the group will remain the development and commercialisation of its lactoferrin platform while being connected into Mycofeast’s wider technology and product portfolio. Daisy Lab’s founders will be transitioning into broader roles within the Mycofeast Group, contributing their experience across strategic projects, science and commercialisation.

Financial terms of the transaction have not been publicly disclosed.

Read the full media release here.