BIF – Quarterly Client Update – 31 December 2025

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 31 December 2025
Booster Innovation Scheme
Portfolio Performance
The Booster Innovation Fund (BIF, Fund) has had a positive quarter ending 31 December 2025, returning 4.3%
for the quarter and 9.6% 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 December, the Fund has equity/equity-like assets and cash of $24.3m with investments in over
35 companies (Portfolio Companies).
Fund Additions and Exits
This quarter, BIF invested over $1.4m into several existing
Portfolio Companies.
A follow-on investment was made into BioOra as part
of its recently completed $15M Series A capital raise.
BioOra aims to make life-changing CAR T therapies, a
groundbreaking treatment that can cure certain cancers
by modifying a patient’s own immune cells (T-cells) to fight
cancer cells, accessible to all. This treatment is typically
costly and is currently unavailable in New Zealand. BioOra
is seeking to change this through the commercialisation
of its novel therapy and its automated manufacturing
process to significantly reduce costs and improve treatment
accessibility. This investment follows an initial investment
made in December 2024.
This was followed by a follow-on investment into Komodo
Wellbeing, a company that has developed a data-driven
wellbeing platform, empowering students and enabling
schools to make positive and effective interventions. This
investment round was led by the New Zealand success story
and education technology experts from Hiraya Ventures, the
family office of the Kami founders. BIF’s investment follows
an initial investment made in December 2022.
BIF also completed a further investment into Solros
Therapeutics, a company seeking to develop and
commercialise brain health focused therapies that take
advantage of a novel mechanisms of action. This investment
was part of the original commitment and tied to the
completion of pre-determined milestones, helping de-risk
their business and build investor confidence.
Two additional follow-on investments were progressed
in December. These are expected to be announced in the
coming weeks once the companies have formally announced
the closure of the rounds.
BioOra

University Partnership Fund
Since 2018, Booster Financial Services Limited (the
parent company of Booster Investment Management
Limited, the manager of BIF), and more recently
BIF have been invested in a university Partnership
Fund, NZ Innovation Booster LP. This was originally a
partnership with a subsidiary of Victoria University of
Wellington and quickly grew to include a subsidiary
of the University of Otago. The Partnership Fund
provides BIF with unique access to investment
opportunities in the form of spin-out companies built
on intellectual property developed through research at
participating universities. In an exciting development,
the partnership expanded in December to include a
subsidiary of the University of Auckland. Together,
these three universities represent about 60% of total
research spending by New Zealand universities,
strengthening BIF’s access to high-potential technology
and science ventures emerging from the country’s
university sector.
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
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.
Here are a couple of the highlights from this quarter.
BioLumic, a company using precise ultraviolet light
“recipes” to program seeds and seedlings, boosting plant
growth, vigour, yield and resilience without chemicals
or genetic modification, has been a shining light of the
seed and crop industry recently, announcing several
major industry partnerships this quarter. This includes a
partnership with global dairy giant Fonterra to develop
light activated seeds for pasture-based dairy, and an
expansion of their solutions into South America focused
on improving corn crops. These partnerships build on
BioLumic’s traction this year after establishing its first
commercial site in Cuba City, Wisconsin, and positions
them at the forefront of non-GMO seed enhancements.
Calocurb, a natural alternative to weight loss drugs
such as Wegovy and Ozempic, inked a new deal with
US based Ortho Molecular Products, a distributor of
nutritional solutions to health care providers across
the United States. The Chief Executive of Calocurb,
Sarah Kennedy, is forecasting a doubling of revenue
on the back of this partnership, which has seen
Calocurb developing a new product, Calocurb
CLINICAL. This is to be distributed exclusively through
the Ortho Molecular Products distribution network,
ensuring customers receive the appropriate guidance
as they shift into this product with a higher dosage
than their offering available direct to consumer.
Calocurb

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 31 December
(as a proportion of NAV). Focusing on the three highest holdings representing 33.5% 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 price of recent capital raises.
0%25%100%50%75%
BIF Investment Holdings
BIF holds interests in a portfolio of over 35 investments with a total value of $24.3m, 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
30% Materials & technologies
34% Life sciences &
medical technologies
23% Energy & clean technologies
1% Cash
Fund Size
(net asset value)
$24.3 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 months4.3% 4.2%
Last 6 months6.6%6.4%
Last 12 months2.9%2.4%
Last 2 years (p.a.)-1.0%-1.3%
Last 3 years (p.a.)1.7%1.3%
Since Inception
24/8/21 (p.a.)
9.6%9.8%
Performance as at 31 December 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.

Continued on the next page.
Description of Individual Holdings
Company
◊
Company StageDescription
Advemto Limited
1
Seed
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 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.
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.
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 Limited (trading
as Aplenty)
Early stage
Selling 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
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
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)
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 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.
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
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.