BIF – Quarterly Client Update – 31 December 2024

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 31 December 2024
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF) has had a negative quarter ending 31 December 2024, returning -4.9% for the
quarter and 11.7% 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 $19.8m.
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 Additions and Exits
This quarter, BIF welcomed five new companies into
the portfolio, investing $1.4m. Zincovery was the first
with an investment of $394k, Tectonus followed with
an initial investment of $200k, part of a planned $400k
to be invested across multiple tranches, then it was
OrbViz with an investment of $100k, BioOra with an
investment of $400k, and finally Solros Therapeutics,
starting with an initial investment of $112k, part of a
planned $500k to be invested across multiple tranches.
Zincovery specialises in zinc recycling having developed
an alternative approach that has reduced carbon
emissions relative to other zinc recycling methods.
Tectonus applies proprietary technology to
multistorey buildings that aims to lower the
cost of construction in seismic regions as well
as providing a safer, more resilient building.
OrbViz is a SaaS platform that transforms static reports
and spreadsheets into interactive reports, aiming
to significantly improve stakeholder engagement.
BioOra specialises in automating the CAR T-cell
therapy manufacturing process to reduce patient costs
and increase accessibility for cancer treatments.
Solros Therapeutics are commercialising
brain health focused therapies that take
advantage of novel mechanisms of action.
During the quarter, one company, Montoux Limited,
was placed into Liquidation. This has been a difficult
time for the Montoux team. While outcomes like
this are disappointing, this illustrates the risks that
come as a natural part of investing in early stage,
disruptive 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.

Portfolio Spotlight
With a portfolio of over 30 companies, there tends
to be regular flow of exciting and attention-grabbing
news regarding the exciting progress different
companies are making at different times. Whilst it’s
difficult to share all of it, here some of the highlights
from this quarter.
Zerojet, an Auckland based company developing
electric propulsion systems to eliminate the need
for combustion engines on small watercraft has
announced they are merging with Tectrax to form
a new company, Wave TopCo Limited. Tectrax,
another New Zealand company, has pioneered full
electric amphibious solutions for boat builders,
providing the worlds best torque and power for
tough coastal environments of soft sand and hill
climbs. Combined, the new company will be better
positioned to lead in next generation electric drives
and amphibious boat systems.
Alimetry, has developed a wearable, non-invasive
medical device and software platform for the rapid
and detailed diagnosis of a range of gastrointestinal
disorders. The device records stomach electrical
activity, sending data to a companion iOS app for
real-time symptom tracking. The data is analysed in
the cloud and a report provided to clinicians, which
greatly reduces the uncertainties and risks currently
associated with patient diagnostics. Alimetry have
just closed a round, raising US$18M from both NZ
and international investors. The funds will be used
to focus on device adoption by hospitals, with a
particular focus in the US.
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.
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-4.9% -5.0%
Last 6 months-5.4%-5.5%
Last 12 months-4.7%-4.8%
Last 2 years (p.a.)1.1%0.8%
Last 3 years (p.a.)7.6%7.7%
Since Inception
24/8/21 (p.a.)
11.7%12.1%
Performance as at 31 December 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.
Portfolio value by sector
13% Information services technology
35% Materials & technologies
23% Life sciences &
medical technologies
26% Energy & clean technologies
3% Cash

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
ExpansionSell 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.
BioOra LimitedEarly stage
Specialises in automating the CAR T-cell therapy manufacturing process to
reduce costs and increase accessibility to cancer treatments.
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 LimitedSeed
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
Sell 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 measuring hormone activity in companion
animals and 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 LimitedSeed
Sell 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 customers
improve the quality of their production.
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.

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 “BIF Portfolio” at our website.
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 stageDeveloping point of care diagnostics for use in pharmacy and other settings.
OrbViz Holdings LimitedSeed
A SaaS platform that transforms static reports and spreadsheets into interactive
reports that stakeholders can easily access, explore and respond to.
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 enterprise training, animation and gaming.
Solros Therapeutics Limited
1
Seed
Commercialising brain health focused therapies that take advantage of novel
mechanisms of action.
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.
Tectonus LimitedExpansion
Applies proprietary technology to multistorey buildings aiming to lower the cost
of construction in seismic regions and provide owners and occupiers with a safer,
more resilient building.
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 Nutrition from
Water)
SeedDeveloping 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.
Zincovery Process
Technologies Limited
Early stage
Specialises in zinc recycling having developed an alternative approach that has
reduced carbon emissions.