BIF – Quarterly Client Update

BIF – Quarterly Client Update – 30 September 2022

11 October 2022

Booster Investment Management Limited as Manager of the Fund (the Manager), has provided a copy of
the Quarterly Client Update for the quarter ended 30 September 2022.

For further information regarding the Booster Innovation Fund visit
www.booster.co.nz/booster-
investments/booster-innovation-fund




For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300


About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $5 billion on behalf of more than 170,000 New
Zealanders.
BIF is a managed investment fund that invests in early-stage companies founded on intellectual property
originated or developed in New Zealand.
For more information, including a copy of the Product Disclosure Statement and the net asset value per
unit, please visit
www.booster.co.nz

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2022
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF) has had a positive
quarter ending 30 September 2022, returning 6.3%
to September 2022 and 34.5% since inception (24
August 2021) (after fees and before tax). There
have been valuation movements in several of the
companies invested in, with some experiencing uplifts
in response to their business and investment activities
and others adjusted downwards to reflect slower than
expected progress.
As at the end of September, the Booster Innovation
Fund has equity related assets and cash of $11.3m.
Fund Size
(net asset value)
$11.3 million
Inception Date
24/08/2021
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Key Facts
Before TaxAfter Tax (28%)
Last 3 months6.3%
6.6%
Last 6 months12.7%13.4%
Last 12 months38.5%41.0%
Since Inception
24/8/21 (p.a.)
34.5%36.7%
Performance as at
30 September 2022
Portfolio Additions
During the quarter, BIF invested $0.63m and secured
interests in two new assets, Liquium Limited, and Cell
Co Limited.
Liquium (held via NZ Innovation Booster LP) are
developing greener ammonia production processes
underpinned by their novel catalyst to produce ammonia
at much lower temperatures and pressures reducing
energy requirements which they describe as resulting in
a cleaner (and scalable) method compared to traditional
methods. Liquium, whose technology originates
from research at Victoria University of Wellington,
believe they are well-placed to support the adoption
of ammonia as a next-generation cleaner fuel for the
marine industry.
Cell Co, is an agricultural company producing living and
non-living ingredients for use by the growing cultivated
meats sector. The company is focused on addressing a
key gap in the market - the supply of high quality, fully
characterised, commercial grade cells to support the
rapid growth of the alternative proteins sector.
BIF was recently created in August 2021. Potential
returns on early stage businesses are uncertain,
difficult to predict and can range widely both positively
and negatively. By taking a portfolio approach to
investing, the Booster Innovation Fund aims to deliver
a significant total rate of return over rolling 15-year
periods. Past performance is not an indicator of future
performance.
All figures are after fees. Please see the Product Disclosure Statement for
further details.
After tax return is higher than before tax due to tax credits from performance
based fees.
Potentially lower returns Potentially higher returns
Higher risk
Lower risk
Risk Level
Early stage company investing is generally
considered the riskiest type of equity investing.
While the fund is not required to calculate a Risk
Indicator based on the volatility of the fund (being
the extent to which the fund’s assets go up and
down), we consider the fund’s risk rating would
equate to 7 on a scale of 1 (low) to 7 (high).
Please see the Product Disclosure Statement for a description
of the circumstances that the manager is aware of that exist or
are likely to arise that significantly increase the risk to returns
for investors in the Booster Innovation Fund.

Award-winning investments
Companies in the Fund have been recognised for their excellence
and innovation this quarter having been nominated as finalists
or winning prestigious awards. At the New Zealand Hi-Tech
awards, Alimetry, a non-invasive gastric disorder diagnostic
device, won three awards for most innovative creative solution,
for most innovative hardware solution and most innovative deep
tech solution. Sensor Holdings Ltd and Marama Labs Ltd were
also singled out by the judges and highly commended for their
achievements in their categories.
Biolumic Inc, an agri-technology business to improve plant yield
was named one of ten finalists in the international Food Planet
Prize. Two winners will be announced in November with each
being awarded US$1m.
Description of Individual Holdings
Portfolio value by sector
15% Information services technology
33% Materials & technologies
36% Life sciences & medical technologies
16% Energy & clean technologies
0% Cash
BIF Investment Holdings
BIF holds interests in a portfolio of 25 investments with a total value of $11.3m, across a range of business sectors as
follows. We intend to grow a more diversified portfolio, indicatively more than 40.
Part of the fund’s investments are held by investing in NZ Innovation Booster LP (NZIB). For further information of how we invest through NZIB
refer to the Product Disclosure Statement on the booster.co.nz website.
Continued on the next page.
CompanyCompany StageDescription
Advemto Limited
1
Seed
Sell ultrafast spectroscopy systems, that can reduce research
analysis from months to days.
Alimetry Limited
1,2
Expansion
Sell non-invasive devices for aiding informed diagnostics for
gastric disease.
Allegro Energy Pty
Limited
1
Seed
Developing high performance water-based electrolytes provide a
low cost, clean and green energy storage solution.
Amaroq Therapeutics
Limited
1
Seed
Developing a new class of therapeutics that target long non-
coding RNA in cancer.
Avalia Immunotherapies
Limited
1
Seed
Developing vaccines that have the potential to treat chronic
hepatitis B and cancers.
BioLumic IncExpansion
Improves crop yield and quality by treating seeds and seedlings
with UV-light recipes.
Cell Co LimitedSeed
Produces living and non-living ingredients for the production of
the fast growing cultivated meats sector.

The Booster Innovation Fund (fund) is part of the Booster Innovation Scheme which is issued and managed by Booster Investment Management
Ltd (Booster). The fund’s Product Disclosure Statement is available at www.booster.co.nz, by contacting your financial adviser or by calling
Booster on 0800 40 40 50.
Disclaimer: This document is for information purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change.
The content is of a general nature and does not take into account your financial situation or goals and is not financial advice. Booster, its related companies, directors,
board members and nominees do not accept any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the information provided
in this document, nor do they guarantee the fund’s performance, returns or repayment of capital.
1 Investments are held indirectly via an interest in NZIB.
2 Investments are held indirectly via NZIB which has an interest in the specific investees through an agreement with the Matū Karihi fund.
For more information visit “The BIF Story” at our website.
Codify Asset Solutions
(CAS) Limited
1,2
Early stage
Sell software that automates compliance, management, and
auditing of infrastructure assets.
Chitogel Limited
1
Expansion
Sell sinus dressings that helps to enhance wound healing and
improve patient outcomes post-surgery.
Ferronova Pty Limited
1
Expansion
Developing surgical tracer systems that are designed to more
accurately map cancer spread to lymph nodes.
Hot Lime Labs LimitedEarly stage
Developing carbon capture systems to convert wood biomass into
more sustainable CO2 for use in horticulture.
Inhibit Coatings Limited
1
Early stage
Developing coatings to inhibit microbial contamination and
outbreaks in facilities with high hygiene requirements.
InsituGen Limited
1
Expansion
Developing testing solutions for the detection of performance
enhancing drug use in animals and humans.
Jaipuna Limited
(trading as Amy.app)
Early stage
Providing an online private tutor for maths that makes learning
maths easy for everyone.
Ligar Limited
Partnership
1,2
Expansion
Developing solutions for highly-selective capture and extraction
of molecules for use in medicine, flavours or nutraceuticals.
Liquium Limited
1
Seed
Revolutionising the ammonia production process aiming to make
it cleaner, cheaper and scalable.
Marama Labs Limited
1
Early stage
Sell software and hardware to help wineries improve the quality
of their wine production.
Mekonos Inc
1,2
Expansion
Developing silicon chips, with hundreds of moving nano-needles,
to help improve drug development and drug delivery to patients.
Montoux LimitedExpansion
Sell actuarial automation and decision science technology
specifically designed for life and health insurers.
Orbis Diagnostics LimitedExpansion
Developing point of care diagnostics for use in pharmacy and
other settings.
PowerON LimitedEarly stage
Developing soft robotic components to enable the development
of more lifelike robots.
Sensor Holdings Limited
(trading as StretchSense)
Expansion
Sell motion capture gloves that combine sensors and machine
learning for finger tracking in animation and gaming.
TasmanIon Limited
1
Seed
Developing aluminum-ion battery technologies suited for grid
storage and portable applications.
XFrame Pty Limited
1
Early stage
Sell recoverable, reusable building frames for more sustainable
construction.
ZeroJet LimitedExpansion
Sell electric jet propulsion systems to eliminate the need for
combustion engines on small watercraft.