BIF – Quarterly Client Update

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 31 December 2023
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF) has had a negative
quarter ending 31 December 2023, returning -1.8%
for the quarter and 19.5% 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 December, the Booster Innovation
Fund has equity/equity-like assets and cash of $18.2m.
Portfolio Additions and Exits
During the quarter, BIF invested $0.6m, securing
interests in one new company, Whole Fish
Limited (trading as New Fish) and providing
follow on investment into three existing portfolio
companies, Inhibit Coatings Limited, Insitugen
Limited and Sensor Holdings Limited.
New Fish, a food technology company, is
commercialising marine whey, a protein source
produced from water and microalgae. Founded in 2020,
their mission is to produce complete nutrition with the
lowest emission profile without compromising taste
or quality. They have a key technology partnership
with Cawthron Research Institute, a science institute
specialising in science that supports the environment.
During the quarter, three companies have been formally
placed into liquidation, Avalia Limited, Ligar GP and
Opum Technologies Limited. This has been a difficult
time for the teams as the reality of business progress
and challenging market conditions have affected the
ability of the companies to succeed. While outcomes
like this are disappointing, we accept that they are a
natural part of investing in early stage businesses. The
fund’s returns since inception show that overall the
impact of these closures has been more than offset by
portfolio diversity and gains in value by other holdings.
Fund Size
(net asset value)
$18.2 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 months-1.8% -2.0%
Last 6 months2.6%2.3%
Last 12 months7.3%6.7%
Last 2 years (p.a.)14.4%14.6%
Since Inception
24/8/21 (p.a.)
19.5%20.1%
Performance as at 31 December 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 Spotlight
The global energy market is undergoing a transformative shift driven by
the need to address climate change through the adoption and production
of cleaner fuels and improved energy storage. BIF, in its goal to support
New Zealand innovation, has invested in several energy and clean
technology companies originating from New Zealand’s universities,
research institutes and the private sector, namely Allegro Energy, B.Spkl,
Captivate Technologies, Hot Lime Labs, Liquium, TasmanIon and
ZeroJet. Each company is advancing its technology solution into global
markets. They have attracted interest and investment as they advance
beyond laboratory validation and into real world commercial solutions.
Whilst these companies are at different stages, the next few years of
product development, prototype testing and deploying their solutions
will be critical for their long-term success. They have the potential to
contribute significantly while navigating challenges posed by rapid
technological evolution. As stakeholders rally for sustainable energy,
these companies have potential to help shape the industry’s and the
world’s trajectory, offering both exciting opportunities and demanding
challenges.
Description of Individual Holdings
Portfolio value by sector
18% Information services technology
29% Materials & technologies
24% Life sciences & medical
technologies
27% Energy & clean technologies
2% Cash
BIF Investment Holdings
BIF holds interests in a portfolio of over 30 investments with a total value of $18.2m, 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.
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.
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.
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.
Whole Fish Limited
(trading as New Fish)
Seed
Developing marine whey, a protein source produced from water and
microalgae.
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.