BIF – Quarterly Client Update – 30 September 2025

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2025
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF, Fund) has had a positive quarter ending 30 September 2025, returning
2.2% 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 September, the Fund has equity/equity-like assets and cash of $21.9m with investments in over
35 companies (Portfolio Companies).
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.
Fund Additions and Exits
This quarter BIF welcomed three additional Portfolio
Companies, investing $500k. The first was a $100k
seed investment into Indus. Following this was a
$250k seed investment into Cadmus Animal Health,
part of a planned investment of up to $500k. Finally,
a seed investment of $150k was made into Wych.
Indus is developing a solution to overcome historical
regulatory and compliance barriers to enable
investment into Indian publicly listed stocks and
mutual funds for New Zealanders, with a sign-up
time that can take just minutes. The company aims
to become the world leading platform for people
around the globe to invest into India, the fastest
growing major economy in the world (as defined
by the International Monetary Fund, 2025).
Cadmus Animal Health is developing an
immunotherapeutic vaccine for companion
animals to treat chronic periodontal disease,
which can cause heart, liver and kidney disease
and is expensive for pet owners to treat.
Cadmus Animal Health
Continued on the next page.

Wych is delivering secure, compliant, and scalable
open data solutions enabling financial institutions
and regulated organisations to meet open data and
open banking requirements. Its recent partnership
with Kiwibank highlights its ability to provide
enterprise-grade solutions that help clients unlock
new customer experiences, streamline compliance,
and participate confidently in the emerging open
data economy in Australasia and beyond.
BIF also provided over $600k of funding this quarter
to several existing Portfolio Companies. This included
investment into both Tectonus, a company developing
self-centering seismic devices that enable buildings
to withstand earthquakes and aftershocks, and MARS
Bioimaging, a company that is commercialising
advanced scanners that enable high-resolution colour
imaging for medical diagnostics. These investments
were part of the original commitments and tied to the
completion of pre-determined milestones, helping
de-risk their business and build investor confidence.
BIF also made a follow-on investment into Avasa,
as part of their recently completed Series A capital
raise where they raised $4.75m. Avasa is developing
an implantable arterial coupler to enable plastic and
reconstructive surgeons to perform microvascular
connections without manual hand sewing. Since
the first investment, BIF management has been
impressed with how the company has advanced,
achieving 100% success in chronic animal studies,
evidencing strong market demand from surgeons,
and finalising their design ahead FDA submission.
During the quarter, one company, Upstream
Medical Technologies Limited, was unfortunately
placed into Liquidation. This has been a difficult
time for the Upstream team. While outcomes
like this are disappointing, this illustrates the risk
that come as a natural part of investing in early
stage, disruptive businesses. The fund’s return
since inception show that overall, the impact of
closures has been more than offset by portfolio
diversity and gains in value of other holdings.
Fund Size
(net asset value)
$21.9 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 months2.2% 2.1%
Last 6 months1.4%1.1%
Last 12 months-6.2%-6.6%
Last 2 years (p.a.)-3.9%-4.3%
Last 3 years (p.a.)1.0%0.7%
Since Inception
24/8/21 (p.a.)
9.1%9.3%
Performance as at 30 September 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 $21.9m, across a range of business
sectors as follows. We intend to continually grow a diversified portfolio, indicatively between 40-60 holdings.
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 www.booster.co.nz website.
Portfolio value by sector
10% Information services technology
33% Materials & technologies
30% Life sciences &
medical technologies
25% Energy & clean technologies
2% Cash

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.
Zincovery is a Christchurch based company originating
from Canterbury University that has developed a lower
emissions method for recycling zinc from industrial
waste using a hydrogen-based technology. Zincovery
has been making progress in the setup of their new
commercial scale site. They have been acquiring critical
equipment and laying concrete foundations to ensure
earthquake safety and operational efficiency in their
factory. These steps shift them progressively closer to
becoming a world-leading green zinc recycling plant,
designed to recover up to 1,000 tonnes per year of high-
purity zinc with significantly lower carbon emissions
than conventional methods.
Wave Propulsion, the recently merged entity of two
manufacturers of electric marine technology, ZeroJet
and Tectrax, have been making waves in their respective
markets as they release new products and enter new
markets. ZeroJet, manufacturer of electric water jet
propulsion systems, recently announced a partnership
with Pochon as their official sales and technical support
partner in France to grow their international market
presence. Tectrax, manufacturer of electric amphibious
boat systems, launched a new Boat Launcher platform
which can add amphibious capability to any standard
boat, as an autonomous and fully remote-controlled
solution. This can make trailer boating easier.
Portfolio value by individual holding
The valuation of private, unlisted, and pre-profit companies is challenging and involves significant use of judgement.
We consider a range of information that we believe is relevant to the valuation of the investee companies, both
related to the specific business, as well as externally sourced data such as industry benchmarks or comparable
transactions where available. Our approach to valuations has been developed in consideration of the principles
detailed in the International Private Equity and Venture Capital (IPEV) guidelines.
This chart shows the relative size of each investment in which the Fund held an interest in as at 30 September
(as a proportion of NAV). Focusing on the three highest holdings representing 34.5% by portion of NAV, these
investments have valuations that are anchored to several factors such as profitability and income metrics,
achievement of major milestones and/or growth in international sales and cash reserves.
While Wave Propulsion has been launching into
offshore markets, several other companies have also
been building international traction and recognition.
Key highlights include Alimetry’s non-invasive wearable
medical device to diagnose chronic gastrointestinal
disorders being included on Time Magazine’s World’s
Top HealthTech Companies of 2025; Allegro Energy
that is developing next generation battery technology
being featured in an article on The Wall Street Journal
to highlight their safety profile compared to Lithium-Ion
batteries; and Calocurb, maker of appetite suppressant
supplement, being awarded the Exporter of the Year to
the US (Consumer Goods category) by the American
Chamber of Commerce NZ.
Zincovery
Tectrax
0%25%100%50%75%

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 LimitedEarly stage
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 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.
Cadmus Animal HealthSeed
Developing an immunotherapeutic for the treatment of chronic periodontal
disease in companion animals.
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.
Indus LimitedSeed
Developing and marketing a unique investment platform to facilitate investment
into India for people living abroad.
Inhibit Coatings Limited
1
SeedDeveloping 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 and selling 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
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
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 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
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.
Wave Propulsion 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.
Wych Holdings LimitedSeed
Delivering secure, compliant, and scalable open data solutions through
standardised APIs, reducing complexity, cost, and security risk.
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.