BIF – Quarterly Client Update – 30 June 2025

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 30 June 2025
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF, Fund) has had a
negative quarter ending 30 June 2025, returning
-0.8% for the quarter and 9.1% 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 June, the Booster Innovation Fund
has equity/equity-like assets and cash of $20.2m.
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
While there have not been any additions or exits in
the Fund this quarter, the pipeline is full of exciting
new opportunities and several of the companies BIF is
invested in (Portfolio Companies) are intending to raise
additional funds as they embark on the next phase of
their journeys. While we continue to discuss the journeys
of the Portfolio Companies, it’s also important to reflect
on the Fund’s purpose and growth, as it supports the
Portfolio Companies on theirs.
The Booster Innovation Fund is helping make a
significant economic impact in New Zealand’s innovation
landscape. The Portfolio Companies now represent a
combined enterprise value of over $700 million (this is
the estimated total value of the companies, rather than
BIF’s interest in them), collectively employing over 400
staff, with more than 300 of those jobs based in New
Zealand. The BIF’s investment of $17 million has been
powerfully leveraged alongside $260 million from other
investors, catalysing growth and enabling these early-
stage ventures to scale and compete on a global stage.
This collaborative capital has helped keep high-value
jobs and intellectual property in New Zealand, while
supporting the development of globally competitive,
innovative businesses, predominately originating
from New Zealand’s universities. While it’s difficult to
constantly share the success stories of the Portfolio
Companies, the Portfolio Spotlight (on the next page) is
a great way to keep in touch with some of the highlights.
We (Booster) are also in the process of planning an
investor roadshow, where BIF management will be
traveling to hubs around the country to share news
of Portfolio Companies, engage with investors,
illustrate how their money is being invested, and new
technologies and businesses are being developed as a
result. If you would like to find out more information,
please email innovation@booster.co.nz.

Portfolio Spotlight
With a portfolio of investments in over 35
companies, there is a regular flow of exciting news
regarding the progress different Portfolio Companies
are making. Whilst it is difficult to share all of it, here
are some of the highlights from this quarter.
Bio Ora, a team developing technology to help treat
cancer with personalised treatments, has featured
in a five-part investigation on Stuff, investigating
what it will take to embed CAR T-cell therapy into
New Zealand’s health system. The article delves into
BioOra’s potential and how they seek to become the
‘Rocket Lab of immunotherapy’. Read more here.
Everyone’s heard of Forbes, and Forbes 30 under
30 program recognises 30 notable people under 30
years old in various industries. This year, Jonathan
Ring, co-founder of Zincovery, has been listed
on the Forbes 30 under 30 Asia list in his industry,
Manufacturing and Energy, for his work building
Zincovery, a Christchurch-based company that has
developed a lower emissions method for recycling
zinc from industrial waste using a hydrogen-based
technology. This marks the second year in a row one
of the phenomenal young founders of a Portfolio
Company has made their way onto a Forbes 30
under 30 Asia list!
30% of the global kiwifruit volume is managed by
Zespri, a local New Zealand company! Zespri aims
to remain at the forefront of the kiwifruit industry,
partially by investing in ideas and technology that
can help to drive innovation and climate resilience
in its operations. One way they’ve done this is by
partnering with BIF Portfolio Company Scentian
Bio, a startup developing biosensors that mimic the
smell receptors found in insects to create a highly
sensitive, real-time method for detecting smells and
tastes. Scentian Bio are helping Zespri determine
the optimal time to harvest its fruit, a decision that’s
critical to making sure that there is more fruit at
higher grades, which store better and last longer.
Read more here.
Fund Size
(net asset value)
$20.2 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-0.8% -0.9%
Last 6 months-3.5%-3.8%
Last 12 months-8.7%-9.1%
Last 2 years (p.a.)-2.9%-3.2%
Last 3 years (p.a.)2.4%2.1%
Since Inception
24/8/21 (p.a.)
9.1%9.3%
Performance as at 30 June 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 long term and 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.
BIF Investment Holdings
BIF holds interests in a portfolio of over 35 investments with a total value of $20.2m, 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.
Portfolio value by sector
15% Information services technology
34% Materials & technologies
21% Life sciences &
medical technologies
28% Energy & clean technologies
2% 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
Expansion
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 LimitedSeed
Specialises in automating the CAR T-cell therapy manufacturing process to
reduce costs and increase accessibility to cancer treatments.
Bontia Bio LimitedSeed
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 LimitedExpansion
Selling a plant-based appetite suppressant, 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.
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 stageDeveloping coatings to inhibit microbial contamination and outbreaks.
InsituGen Limited
1
Seed
Developing testing solutions for measuring hormone activity in companion
animals and for the detection of performance enhancing drug use in animals
and humans.
Kai’s Education LimitedEarly 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)
Early stage
Developing a mechanical breathing technology to improve natural function and
reduce nasal congestion.
Nutrition from Water IncEarly stageDeveloping marine whey, a protein source produced from water and microalgae.
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
An 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
Selling 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.
Tectonus LimitedEarly stage
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
Limited (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.
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.
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.
Other companies with a $nil are also not included.
1 Investments are held indirectly via an interest in NZIB.
2 Investment is held indirectly via NZIB which has an interest in the specific investees through an agreement with the Matū Karihi fund.
For more information visit “BIF Portfolio” at our website.