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Winimo 1A
Equity
€11,000
total amount raised in round
44%
- Eligible for a tax reduction
Offer conditions
The WINIMO compartment of Spreds Finance would participate in the financing of QUE DU BONHEUR BV/SRL for an amount between €25,000 and €200,000 (the “Capital Increase”).
From the total amount raised during the offering period, Spreds Finance will use €1 per Participatory Note, subject to compliance with the conditions applicable to this investment.
The maximum offer amount of the offer: €200,000
The maximum offer amount of the offer: €200,000
Subscription price: Each Participatory Note has a nominal amount of €1. Added to this is a subscription cost of up to 5% of the nominal amount per Participatory Notes (or €0.05). The total subscription price of a Participatory Note is thus a maximum of €1.05. The minimum subscription amount is €500 (excluding subscription fees).
Conditions precedent of the offering:
The Notes will only be issued if, within 6 months from the Closing Date (the Effective Date), the following cumulative conditions precedent to the subscription of shares of WINIMO by Spreds Finance are met:
The Notes will only be issued if, within 6 months from the Closing Date (the Effective Date), the following cumulative conditions precedent to the subscription of shares of WINIMO by Spreds Finance are met:
- The total amount of firm commitments to subscribe to this capital increase shall be at least €25,000 and not more than €200,000.
- The Capital Increase is carried out on the basis of a pre-money valuation of the Company of maximum €1,800,000.
- Spreds Finance will participate in the capital increase for an amount equal to the result of the subscription to Participatory Notes of the WINIMO 1A Compartment. This amount must be at least €25,000.
Spreds Finance will verify whether these conditions are met no later than six months after the closing date (the “Effective Date”), i.e. 13/02/2027.
If one or more of these conditions are not met on that date, the Notes will not be issued and investors will be reimbursed their subscription amount no later than 15 working days after the Effective Date.
Tax Shelter (45%)
This investment is eligible for a tax reduction for Belgian investors under the tax incentive on tax shelter for start-ups. The reduction of up to 45% of the total nominal amount of the Participatory Notes invested will be applicable since the Underlying Assets are shares in a micro- enterprise. The total tax benefit is therefore a maximum of €0.45 per Participatory Note. The total tax benefit is therefore a maximum of €0.45 per Participatory Note.
The available tax shelter budget is €180,000.
Valuation of the company
The company has decided to set a pre-money valuation of €1,800,000. For that, they took into account several key elements related to its stage of development, the strength of its model, and its growth potential, as they explain below.
A. Product and Market
1. A Developed and Validated Product
- The product is developed and operational.
- Three games are already available.
- The model has been tested under real conditions.
- A genuine market interest exists.
- An initial validation of user behavior has been achieved.
A Competitive Advantage
Winimo is based on a structuring innovation:
This model required:
- an in-depth legal analysis
- validations by a notary, bailiff, and lawyer
- recognition by the Gambling Commission
This constitutes a major barrier to entry and a competitive advantage that is difficult to replicate.
A Proven Business Model
The Winimo model is already structured and controlled:
- Profitability achieved from approximately 3,500 participations
- Gross result of approximately €40,000 per competition at maturity
- Ability to generate €120,000 to €200,000 monthly under established operations
The model is no longer hypothetical: it is calculated, tested, and reproducible.
A Highly Scalable Model
Winimo is based on a repeatable mechanism:
- 3 to 5 competitions per month
- several real estate properties simultaneously
- progressive increase in player volume
The model benefits from a key effect: the more the number of participations increases, the more profitability accelerates.
A Large and Accessible Market
Belgian gambling and gaming market: approximately €4 billion.
- Objective: approximately 3% market share,
- representing a potential of approximately €120 million.
Winimo positions itself in:
- an existing market
- with a differentiating proposition
A Model Innovation: Playfunding
Winimo is not limited to a product.
It creates a new category: playfunding.
It creates a new category: playfunding.
- gamified crowdfunding
- rewarded engagement
- applicable to other sectors in the future
This opens perspectives for:
- diversification
- international expansion
- licensing of the model
An Experienced Founder
- Entrepreneur since 2002.
- Experience in company creation.
- Approximately 50 real estate projects completed.
Demonstrated ability to:
- structure
- execute
- lead complex projects
A Transition Phase Toward Scaling
Winimo is currently in a key phase:
- finalized product
- validated model
- first users
- acquisition structuring in progress
The investments will make it possible to:
- accelerate traction
- structure acquisition
- strengthen the team
- develop a version 2.0
B. Financial Approach
The company has set a pre-money valuation of €1,800,000, based on an approach combining:
- realistic financial projections
- product maturity level
- scaling potential
- market comparables
Profit Projection
The Winimo model makes it possible to achieve, at operational maturity:
- approximately €150,000 average monthly profit, representing approximately €1.8 million annual profit
This projection is based on:
- 3 to 5 monthly competitions
- approximately 24,000 participations per competition
- approximately €40,000 gross result per competition
Application of a Conservative Multiple
For comparable models (platforms / gaming / early-stage Software as a Service):
- observed multiples: x3 to x8
As a precaution, Winimo applies:
- low multiple: x1 to x2
Resulting valuation:
- €1.8 million × 1 = €1.8 million
- €1.8 million × 2 = €3.6 million
The retained valuation of €1.8 million therefore corresponds:
- to the lower end of the range
- with a deliberately conservative approach
Adjustment Related to the Development Stage
Winimo is not yet operating at full capacity: an implicit discount has been applied.
- product already developed
- validated model
- initial user data
- but scaling still to be built
The valuation does not yet take full potential into account.
Integration of Risk
he model already integrates the main risks:
he model already integrates the main risks:
- product risk → eliminated (existing product
- legal risk → eliminated (validation obtained)
- model risk → reduced (profitability demonstrated from 3,500 games)
- market risk → currently being validated
This level of “de-risking” justifies a valuation above a simple early-stage project.
Value per Economic UnitOne competition generates:
- approximately €40,000 gros profit
With:
- 3 to5 monthly competitions
- €120,000 to €200,000 per month
Representing:
- €1.5 million to €2.4 million annually
By applying a very conservative multiple (x1):
- valuation = €1.5 million to €2.4 million, which confirms the consistency of the €1.8 million valuation.
Value Related to Scaling PotentialThe Winimo model presents rare characteristics:
exponential leverage effect
- evolving gains → organic acquisition
- duplicale model
- large market
These elements would justify a higher valuation, but they are not yet fully valued in the demonstration.
Conclusion
The €1,800,000 pre-money valuation is based on:
- a realistic profit projection (approximately €1.8 million per year)
- the application of a deliberately conservative multiple (x1)
- a discount related to the development stage
- a model that has already been largely de-risked
It therefore reflects:
- a prudent approach
- strong potential not yet valued
“Today, we value Winimo, its model, and the product based on what it can reasonably generate… not yet on what it can truly become!”
Confirmed amounts
-
Subscription period
Start date of the offering period: 19/05/2026
Scheduled end date of the subscription period: 13/08/2026
Scheduled end date of the subscription period: 13/08/2026
Extension: Maximum extension of 8 days, until 21/08/2026
Conditions for extension: Spreds Finance may decide to extend the subscription period if the total amount of the orders contained in the subscription forms is at least €20,000 on 13/08/2026.
Early closing: The offer can be closed early once the minimum offer amount, of €25,000, has been reached. Early closure of the offer may also be decided if the total amount of orders contained in the subscription forms signed and transferred to Spreds Finance reaches the maximum amount of the offer.
Consequences if the target capital is not raised by the deadline: If the target capital is not raised, the Participatory Notes will not be issued and all commitments related to this offer will be cancelled. Investors will be reimbursed for their respective Subscription Amount no later than 15 business days after the Deadline. Investors will not incur any fees or expenses as a result of the offer not reaching the targeted amount.
TAX SHELTER 45%
Investments in this company benefit from a 45% personal income tax reduction. Read more…A remaining amount of €170,750 is available for the Tax Shelter benefit.
Raise summary
| Crowd investments | €11,000 |
| Committed by others | €0 |
| Amount raised | €11,000 |
| Minimum round | €25,000 |
| Maximum round | €200,000 |
| Shares in the company (total round) | 10% |
| Pre-money valuation | €1,800,000 |
| Post-money valuation min. | €1,825,000 |
| Post-money valuation max. | €2,000,000 |