BIF – Quarterly Client Update

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 31 March 2024
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF) has had a
positive quarter ending 31 March 2024, returning
1.3% for the quarter and 18.0% 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 $19.5m.
Portfolio Additions and Exits
During the quarter, BIF invested $0.85m, securing
interests in three new companies, The Sustainable Care
Company Limited (trading as Cleanery), My Better
Breathing Limited (trading as Good Air Nosebuds),
and Wellumio Limited and providing follow on
investment into two existing portfolio companies,
Opo Bio Limited and Woolchemy NZ Limited.
Cleanery sells a range of eco-friendly cleaning and
personal care products that aim to have a reduced
environmental impact compared to existing solutions.
It was established in 2017 and has developed unique
cleaning solutions that are sold in powder form,
reducing the reliance on single use plastics.
Good Air Nosebuds is developing a patented
mechanical breathing technology. The nose buds
provide a non-invasive, non-drug, nasal congestion
solution, which allows natural function and
improved nasal patency (how open the nose is).
Wellumio was established to commercialise a unique,
world-first, portable magnetic resonance imaging (MRI)
device. The company was established in September
2019 and the team is aiming to revolutionise the stroke
treatment model to offer diagnosis in the critical
‘golden hour’ (first hour following the stroke) by
bringing brain scans to where the stroke happens.
During the quarter, one company has been formally
placed into Liquidation, PowerOn Limited. This has
been a difficult time for the PowerOn team as the
reality of business progress and challenging market
conditions have affected the ability of the company to
succeed. While outcomes like this are disappointing,
we accept that they are a natural part of investing
in early stage 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.
Fund Size
(net asset value)
$19.5 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 months1.3% 1.3%
Last 6 months-0.5%-0.8%
Last 12 months9.9%9.6%
Last 2 years (p.a.)11.9%11.9%
Since Inception
24/8/21 (p.a.)
18.0%18.6%
Performance as at 31 March 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 Spotlight
As the portfolio grows and matures, so do many of the portfolio
companies within it. The companies we have invested in are typically
working towards creating meaningful change on a global scale. Here are
a few recent examples that showcase some of the excitement that these
portfolio companies are creating.
For a third year now, companies in the portfolio will be recognised at the
prestigious New Zealand Hi-tech awards. Congratulations to MACSO,
who develop human-like sensors for remote monitoring who are a finalist
in two award categories, the Most Innovative Deep Tech Solution and the
Most Innovative Hi-tech Agritech Solution awards.
Congratulations to two more companies who are being recognised for
their contributions to address global environmental challenges. They are
nominees for the International Earthshot Prize which provides five prizes
worth nearly NZ$2m each and awarded by the Royal Foundation of the
Duke and Duchess of Cambridge. New Zealand’s only official nominator,
Victoria University of Wellington nominated Hot Lime Labs as one of its
five nominees. Hot Lime Labs achieved a major milestone this quarter,
with the installation of its first commercial scale system. This represents
the initial commercial supply of CO2 to a commercial greenhouse which
is sourced from biomass waste streams, proving their potential to supply
onsite, renewable CO2 for the greenhouse industry.
B.Spkl, the second company, was nominated by the international
Cleantech Group for the International Earthshot Prize. B.Spkl has been
gaining international recognition as they also featured at the Hello
Tomorrow Global Summit as one of seven finalists in the Energy track
Global Challenge and one of 70 finalists (across 10 categories). They were
selected from 4,000+ applications to pitch at the international forum to
over 1,500 industry leaders and investors.
Portfolio value by sector
16% Information services technology
32% Materials & technologies
24% Life sciences & medical
technologies
26% Energy & clean technologies
2% Cash
BIF Investment Holdings
BIF holds interests in a portfolio of over 35 investments with a total value of $19.5m, 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.
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.

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
Expansion
Sell 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.
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
Limited
Seed
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
Developing 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 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
Limited
Seed
Developing cloud based monitoring systems utilising human-like sensors
and on-edge artificial intelligence to monitor changes in the built
environment.

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 40 40 50.
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. This quarter has seen one
company meet this classification; PowerON Limited.
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 “The BIF Story” at our website.
Marama Labs Limited
1
Early stage
Develops scientific hardware and data analytics solutions to help
wineries improve the quality of their wine production.
Mekonos Inc
1,2
Expansion
Developing silicon chips, with hundreds of moving nano-needles, to help
improve drug development and drug delivery to patients.
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 stage
Developing point of care diagnostics for use in pharmacy and other
settings.
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 animation and gaming.
TamoRx LimitedSeed
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.
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 New Fish)
Seed
Developing 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.