BIF – Quarterly Client Update

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2024
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF) has had a negative
quarter ending 30 September 2024, returning -0.5% for
the quarter and 14.5% 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 September, the Booster Innovation Fund
has equity/equity-like assets and cash of $19.8m.
Portfolio Additions and Exits
This quarter, BIF welcomed Mars Bioimaging to our
portfolio, starting with an initial investment of $75k,
part of a planned $400k to be invested in tranches.
Mars Bioimaging specialises in advanced spectral
molecular imaging. Their technology combines the
best of X-ray, CT, MRI, and PET scans to produce 3D,
high-resolution, colour images with exceptional clarity.
Partnering with the world’s top musculoskeletal research
centre and the leading US orthopaedic network, HSS,
Mars is at the forefront of disruptive medical imaging
globally. Our co-investment will help Mars secure FDA
approval in the US and drive future revenue growth.
Fund Size
(net asset value)
$19.8 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-0.5% -0.6%
Last 6 months-1.1%-1.1%
Last 12 months-1.6%-1.8%
Last 2 years (p.a.)4.8%4.5%
Last 3 years (p.a.)15.0%15.5%
Since Inception
24/8/21 (p.a.)
14.5%15.0%
Performance as at 30 September 2024
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
Gaining international traction is an essential part
of an early-stage company’s journey to grow
value. Several BIF portfolio companies are making
strides on the global stage, forming international
partnerships and attracting offshore investors,
which is adding value to each business and the BIF
portfolio.
Allegro has developed a water-based electrolyte
solution for long-duration energy storage that
is safe and sustainable. They’ve partnered with
Australian energy leader Origin to test their
system on a large scale. In August 2024, Allegro
completed their AUD $17.5 million Series A funding
round, led by US venture capital firm The Graham
Foundation, alongside other offshore investors like
Lightbank, Melt Ventures, and Impact Ventures. This
international backing gives Allegro access to global
markets, crucial capital networks, and valuable
entrepreneurial expertise driving future growth.
BIF Investment Holdings
BIF holds interests in a portfolio of over 30 investments with a total value of $19.8m, 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.
Portfolio value by sector
15% Information services technology
34% Materials & technologies
23% Life sciences &
medical technologies
23% Energy & clean technologies
5% Cash
MACSO is creating an AI-powered sensory platform.
The team have now formed several strategic
partnerships including leading global technology
provider Avnet to advance AI models on hardware,
disruptive AI solution industry leader Chaoyang
Technologies in Shanghai, and US-based Piera
Systems to develop devices capable of detecting
vape smoke. Early momentum in major global
markets is a strong indicator of MACSO’s growth
potential.
Scentian Bio has developed a groundbreaking digital
system that replicates insect receptors to identify
taste and smell. They’ve formed key partnerships
with leading global food companies and recently
won first place in a major food science competition
in Chicago, drawing the attention of brands like
Coca-Cola and Pepsi. Scentian Bio is working with
Britain’s Oxford Nanopore to manufacture handheld
devices and with San Diego-based Cardea Bio to
integrate their technology with graphene transistor
nanochips.

Continued on the next page.
Description of Individual Holdings
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
3

(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 cloud based monitoring systems utilising human-like
sensors and on-edge artificial intelligence to monitor changes in the
built environment.
Marama Labs Limited
1
Early stage
Develops scientific hardware and data analytics solutions to help
wineries improve the quality of their wine production.

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 336 338.
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.
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
Companies have 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.
Mars Bioimaging LimitedExpansion
Provides advanced spectral molecular imaging. Their technology
combines the best of X-ray, CT, MRI, and PET scans to produce 3D,
high-resolution, colour images for use in healthcare.
Montoux LimitedExpansion
Provides an actuarial Automation and Decision Science platform
specifically designed for life and health insurers
My Better Breathing Limited
(trading as Good Air
Nosebuds)
Seed
Developing a mechanical breathing technology to improve natural
function and reduce nasal congestion.
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.
Scentian Bio LimitedEarly stage
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 Limited
3
Seed
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.
The Sustainable Care
Company (trading as
Cleanery)
Expansion
Sell a range of eco-friendly cleaning and personal care products that
aim to have a reduced environmental impact compared to existing
solutions.
Upstream Medical
Technologies Limited
1
Early stage
Developing novel cardiac biomarkers to diagnose specific heart
conditions rapidly and accurately.
Wellumio Limited
1
Seed
Developing portable, magnetic resonance imaging (MRI) device to
improve stroke treatment model.
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.