BIF – Quarterly Client Update – 30 September 2026

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2026
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF, Fund) has had a positive quarter ending 30 September 2026,
returning 0.4% for the quarter and 8.2% 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 $25.9m with investments in
over 40 companies (Portfolio Companies).
Fund Additions and Exits
This quarter BIF welcomed two new Portfolio Companies, investing $100k
into seed-stage company Hello Cashflow and $200k into seed-stage
company TheiaNova.
Hello Cashflow is helping build the next generation of financial intelligence
for small businesses. By connecting directly with accounting platforms,
Hello Cashflow turns accounting data into intuitive cashflow forecasts,
scenario planning and visual business insights, aiming to empower owners
to make better financial decisions with confidence. Hello Cashflow was
introduced to the Booster Innovation Fund through its participation in the
CreativeHQ Fintech Accelerator Program which Booster was an investment
partner of.
TheiaNova is developing a new type of medicated eye drop for keratoconus
and related eye conditions where the clear front surface of the eye becomes
thin, changes shape and can cause permanent vision loss. Current treatment
options rely on optical correction or procedures that stop the disease
from progressing, but this can be costly, uncomfortable and with limited
accessibility and patient acceptability. TheiaNova’s treatment is designed
to be used by patients themselves at home and aims to regenerate collagen
in the cornea, to strengthen and stabilise the tissue, and prevent further
deterioration.
Hello Cashflow
This quarter BIF also invested $750k into several existing Portfolio Companies. This included an investment into
Cadmus Animal Health, a company developing an immunotherapeutic for the treatment of chronic periodontal
disease in companion animals. This forms part of the original commitment and tied to the completion of pre-
determined milestones, helping de-risk the business and build investor confidence.
A follow-on investment was also made into Calocurb. Calocurb specialises in appetite management. It uses
a unique active ingredient sourced from New Zealand hops believed to be the only natural, non-prescriptive
alternative to highly expensive prescription drugs to assist people with chronic and debilitating obesity. Since
BIFs first investment, Calocurb has grown into a global growth story, up 200 percent year-on-year with 90% of its
revenue from the US. Calocurb’s technology originated from NZ government funded research at Plant and Food
Research (now the Bioeconomy Science Institute.

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
This quarter we highlight two life sciences
companies (Ferronova and Marama Labs) in the
portfolio originating from Victoria University of
Wellington (VUW) and our university partnership
fund, NZ Innovation Booster LP (NZIB). The Fund
has developed a strong track record of investment
into companies founded on research completed at
universities and other Public Research Organisations,
building on its experience with NZIB.
Ferronova, a company that is developing a surgical
oncology tracer system that aims to improve the
treatment guidance and staging of complex cancers,
released its preliminary data from its 62-person clinical
trial. The trial evaluated the safety and feasibility of its
new nanoparticle-based platform to assist clinicians in
identifying lymph nodes draining a primary cancer. The
preliminary data showed no toxicity related events, and
strong efficacy results with 96% identification rate, and
no false negatives. This is a great result for Ferronova
and its team. Future research will build on these findings
by investigating a larger patient cohort as its aims for a
commercial launch in several years. Read more here.
Marama Labs, a company now selling scientific
instruments that can eliminate the interference
caused by scattered light in the analysis of cloudy
liquids at rapid speed (Cloud Spec), opened its first
office in the United States of America. It chose Boston,
bringing it closer to its rapidly growing community
of pharmaceutical and biotech customers across
the USA. The new office gives scientists a dedicated
place to experience Cloud Spec firsthand, and to
work directly with Marama Labs’ technical team. It
puts the company at the centre of one of the world’s
leading life sciences ecosystems and closer to scientists
developing RNA vaccines, gene therapies and other
nanoparticle-based medicines. Read more here.
Fund Size
(net asset value)
$25.9 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 months0.4% 0.3%
Last 6 months-4.4%-4.6%
Last 12 months4.6%4.0%
Last 2 years (p.a.)-1.0%-1.4%
Last 3 years (p.a.)-1.2%-1.6%
Since Inception
24/8/21 (p.a.)
8.2%8.2%
Performance as at 30 September 2026
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.
Ferronova

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 33% 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 price of capital raises.
BIF Investment Holdings
BIF holds interests in a portfolio of over 35 investments with a total value of $25.9m, across a range of business
sectors as follows. We intend to continually grow a diversified portfolio, indicatively between 40-50 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
12% Information services technology
16% Materials & technologies
42% Life sciences & medical technologies
27% Energy & clean technologies
3% Cash
0%25%100%50%75%
Description of Individual Holdings
Company
◊
Company StageDescription
Advemto Limited
1
Seed
Developing 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 to provide a low cost,
clean and green energy storage solution.
Amaroq Therapeutics Pty
Limited
1
Seed
Developing a new class of therapeutics that target long non-coding RNA in
cancer.
Avasa LimitedEarly stage
Developing 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 LimitedExpansion
Specialises in automating the CAR T-cell therapy manufacturing process to
reduce costs and increase accessibility to cancer treatments.

Continued on the next page.
Bontia Bio LimitedSeed
Specialises in utilising proprietary synthetic biology technologies to create
scalable production systems for commercially valuable compounds from nature.
B.Spkl LimitedSeed
Developing 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.
Ferronova Pty Limited
1
Expansion
Developing surgical tracer systems that are designed to more accurately map
cancer spread to lymph nodes.
Hello Cashflow LimitedSeed
Hello Cashflow offers a cashflow management platform that turns accounting
data into intuitive forecasts, scenario planning and visual business insights.
Hot Lime Labs Limited
(trading as Aplenty)
Early stage
Manufacture carbon delivery 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 (trading
as Argentix)
1
Seed
Developing solutions to prevent microbial contamination and outbreaks,
targeting infection protection in the foot and ankle market.
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.
Linca LimitedEarly Stage
Developing a novel technology process that seeks to recover metals, including
lithium, nickel and cobalt domestically in onshore modular facilities from waste
lithium-ion batteries.
Liquium Limited
1
Early stage
Seeking to revolutionise the ammonia production process making it cleaner,
cheaper and scalable.
MACSO Technologies LimitedEarly stage
Selling 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 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
Developing next generation bio-based ingredients for cosmetic and medical
applications.
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
Developing and 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
hand and 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.
Theianova LimitedSeed
Developing novel therapies for patients with vision disorders, initially developing
a painless and non-invasive treatment targeting keratoconus.
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
Early stage
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
ExpansionSelling recoverable, reusable building frames for sustainable construction.
Zincovery Process Technologies
Limited (trading as Zethos)
Early stage
Specialises in the recycling of critical minerals, having developed an alternative
approach that can reduce 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.