BIF – Quarterly Client Update – 31 March 2025

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 31 March 2025
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF) has had a negative quarter ending 31 March 2025, returning -2.7% for the quarter
and 10.0% 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 March, the Booster Innovation Fund has equity/equity-like assets and cash of $20.4m.
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 two new companies into the portfolio, investing
$375k. The first was a $125k investment into Bontia Bio, part of a planned
investment of up to $350k. Following this a $250k investment was made
into Kai’s Education.
Bontia Bio operates in the synthetic biology part of the life sciences sector.
It specialises in utilising proprietary synthetic biology technologies to
create scalable production systems for commercially valuable compounds
from nature.
Kai’s Education operates in the education technology sector. It specialises
in the development and sale of gamified and interactive learning tools
with a focus on teaching STEM (science, technology, engineering, and
mathematics) subjects to students.

Portfolio Spotlight
With a portfolio of over 30 companies, there is a
regular flow of exciting news regarding the progress
different companies are making. Whilst it’s difficult
to share all of it, here are some of the highlights from
this quarter.
BioLumic, a company focused on unlocking the
natural genetic potential of seeds and seedlings
without requiring use of chemicals or genetic
modification, launched its first commercial Trait
Activation System at Gro Alliance’s seed production
facility in Wisconsin, USA this quarter. This is the
culmination of many years of research and brings
the BioLumic proprietary technology to the global
seed industry helping improve crop yield and food
supply through seed trait activation.
The NZ Hi-Tech Awards celebrate New Zealand’s
most successful high-tech companies and highest
achieving individuals. Originally launched in 1994
as the VSI Electronics Excellence Awards, they
have evolved into a platform for recognising the
best of New Zealand’s technology industries. A Hi-
Tech Award is one of the technology sector’s most
sought-after accolades. This year, five companies in
the BIF portfolio were named finalists. Cleanery and
Zincovery were both recognised as one of the most
innovative hi-tech solutions for a more sustainable
future, Calocurb as one of the hi-tech emerging
companies of the year, Hot Lime Labs and Scentian
Bio as one of the most innovative hi-tech agritech
solutions and for a second acknowledgement
Zincovery and Scentian Bio were also both named
one of the most innovate deep tech solutions.
BIF Investment Holdings
BIF holds interests in a portfolio of over 30 investments with a total value of $20.4m, 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)
$20.4 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-2.7% -2.8%
Last 6 months-7.4%-7.7%
Last 12 months-8.4%-8.6%
Last 2 years (p.a.)0.3%0.1%
Last 3 years (p.a.)4.6%4.6%
Since Inception
24/8/21 (p.a.)
10.0%10.3%
Performance as at 31 March 2025
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
14% Information services technology
34% Materials & technologies
22% Life sciences &
medical technologies
27% 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.
Bontia BioSeed
Specialises in utilising proprietary synthetic biology technologies to create
scalable production systems for commercially valuable compounds from nature.
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.
Kai’s EducationEarly stage
Specialises in the development and sale of gamified and interactive learning
tools with a focus on teaching STEM (science, technology, engineering, and
mathematics) subjects to students.

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 LimitedEarly stage
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.
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 LimitedEarly stage
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.
WaveTop Co LimitedExpansion
Merged entity of ZeroJet and Tectrax that provides eco-friendly electric jet
propulsion and amphibious drive systems for innovative marine solutions.
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.
Continued on the next page.

Whole Fish Limited
(trading as Nutrition from
Water)
Early stageDeveloping marine whey, a protein source produced from water and microalgae.
XFrame Pty Limited
1
ExpansionSell recoverable, reusable building frames for sustainable construction.
Zincovery Process
Technologies Limited
Early stage
Specialises in zinc recycling having developed an alternative approach that has
reduced carbon emissions.
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 or near 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.