BIF – Quarterly Client Update

BIF – Quarterly Client Update – 30 September 2023

13 October 2023

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 2023.

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 190,000 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 2023
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF) has had a positive
quarter ending 30 September 2023, returning 4.4%
for the quarter and 23.1% p.a. 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/equity-like assets and cash of $17.5m.
Portfolio Additions
During the quarter, BIF invested $1.0m, securing
interests in three new companies, Avasa Limited, B.spkl
Limited and Scentian Bio Limited and providing follow
on investment into two existing portfolio companies.
The team at Avasa are commercialising a novel
implantable medical device, initially backed by
the University of Auckland, that aids in complex
microvascular artery and vein reconstruction.
The team at Bspkl, a business spun-out from
NZ Crown Research Institute, GNS Science, are
commercialising a unique materials technology
which has potential to resolve issues relating to cost
and raw material availability that has historically
restricted the production of green hydrogen.
Scentian Bio, a spin-out from Plant and Food Research,
is commercialising a unique sensing system which is
based on a replication of insect sensing receptors.
Their system can define a digital reference for taste
and smell in a range of applications, including the
potential to non-invasively diagnose tuberculosis
which is being supported by a US$1.7m Bill and
Melinda Gates Foundation development grant.
Fund Size
(net asset value)
$17.5 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 months4.4%
4.4%
Last 6 months10.4%10.4%
Last 12 months11.6%11.3%
Last 2 years (p.a.)24.4%25.3%
Since Inception
24/8/21 (p.a.)
23.1%24.0%
Performance as at 30 September 2023
BIF was 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 may be 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.

Portfolio Highlights
Portfolio company, BioLumic, has successfully partnered
with seed and seedling producers based in the United States
that are growing plant types including Corn, Soybean, and
Cannabis. Their revolutionary UV technology delivers ultraviolet
light to seeds and seedlings to trigger biological mechanisms
that increase plant growth, vigour, and yields. Most recently
they announced a US$2.2m development grant from the Bill
and Melinda Gates Foundation as a technology provider for
the foundation’s direct dry seeded rice programme aimed at
unlocking sustainable rice production on a global scale.
In other news, Bspkl and XFrame were winners at the KiwiNet
Research Commercialisation Awards in September. They were
awarded the PwC Breakthrough Project Award and MAS
Commercialisation Impact Award respectively.
Description of Individual Holdings
Portfolio value by sector
18% Information services technology
28% Materials & technologies
28% Life sciences & medical
technologies
25% Energy & clean technologies
1% Cash
BIF Investment Holdings
BIF holds interests in a portfolio of over 30 investments with a total value of $17.5m, 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.
Company
◊
Company StageDescription
Advemto Limited
1
Early stage
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
Early stage
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.
Avasa LimitedSeed
Commercialising a novel implantable medical device that aids in complex
microvascular artery and vein reconstruction.
BioLumic IncExpansion
Improves crop yield and quality by treating seeds and seedlings with UV-
light recipes.
B.spkl LimitedSeed
Commercialising a unique manufacturing method and materials
technology to produce a key component of hydrogen electrolysers,
aiming to facilitate viable green hydrogen production.

Calocurb LimitedEarly stage
Developing a bioactive ingredient, sourced from New Zealand hops,
to assist people with chronic and debilitating obesity, a growing health
epidemic internationally.
Captivate Technology
Limited
Seed
Developing a novel method of carbon capture, with potential to
sequester greenhouse gas emissions across a range of industries.
Codify Asset Solutions
(CAS) Limited
1,2,3
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 a
more sustainable source of 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.
Komodo Holdings LimitedEarly stage
Helping teachers and schools track the wellbeing of students using an
interactive wellbeing platform.
Liquium Limited
1
Seed
Seeking to revolutionise the ammonia production process making it
cleaner, cheaper and scalable.
MACSO Technologies
Limited
Seed
Developing a cloud based animal health monitoring system utilising
sensors and edge artificial intelligence.
Marama Labs Limited
1
Early stage
Develops scientific hardware and data analytics solutions 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
Provides an actuarial Automation and Decision Science platform
specifically designed for life and health insurers
Opo Bio LimitedSeed
Produces living and non-living ingredients for the production of the fast
growing cultivated meats sector.
Orbis Diagnostics LimitedEarly stage
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.
Scentian Bio LimitedSeed
Commercialising a unique sensing system, based on insect sensing
receptors, that can define a digital reference for a taste and smell.
Sensor Holdings Limited
(trading as StretchSense)
Expansion
Sell motion capture gloves that combine sensors and machine learning
for finger tracking in animation and gaming.
Continued on the next page.

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.
◊

Companies that have advised the Manager that they have been put into liquidation (and the Manager has valued at nil) are not included. This quarter has seen three
companies meet this classification; Avalia Immunotherapies Limited, Ligar GP Limited and Opum Technologies Limited.
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.
3
The Company has advised the Manager that it is currently in hibernation. The Manager has adjusted down the valuation accordingly.
For more information visit “The BIF Story” at our website.
TamoRx LimitedSeed
Specialise in the development of novel drugs which arm the immune
system to help fight cancer.
TasmanIon Limited
1
Seed
Developing aluminium-ion battery technologies suited for grid storage
and portable applications.
Upstream Medical
Technologies Limited
1
Early stage
Developing novel cardiac biomarkers to diagnose specific heart
conditions rapidly and accurately.
Woolchemy NZ LimitedEarly stage
Utilising wool to create intelligent eco-logical materials for personal care
products.
XFrame Pty Limited
1
ExpansionSell recoverable, reusable building frames for sustainable construction.
ZeroJet LimitedExpansion
Selling electric jet propulsion systems, seeking to eliminate the need for
combustion engines on small watercraft.