The DENTISTRYGPT 1A compartment of Spreds Finance would participate in the financing of DENTISTRYGPT BV/SRL for an amount between €100,000 and €500,000 (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.

Maximum offer amount: €400,000.

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 offer:
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 by Spreds Finance are met: 

Spreds Finance will verify whether these conditions are met no later than six months after the closing date (the “Effective Date”), i.e. 14/06/2027.

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.

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 €400,000. 

Investors are nevertheless informed that other investors (who are not investing through this offer) may also invest under the Tax Shelter scheme. This means

that the Tax Shelter budget available for this offer may be increased if these investors do not subscribe in time (or at all). On 23 November 2026, Spreds will provide an updated overview on the campaign page of the Tax Shelter budget available for this offer, which will in any event amount to at least €400,000.

There are no committed amounts at this stage. 

The company has set its pre-money valuation at €4,500,000 (€5,000,000 post-money following a €500,000 fundraising round). This valuation is based on the 2027 annual recurring revenue (ARR) forecast under the financial plan’s target scenario: 300 customers and €700,000 in ARR, including Clara telephony. The valuation represents 6.4 times this amount before the fundraising round, broadly in line with the median multiple for established private SaaS companies (7.0 times, according to SaaS Capital, as of 31 December 2024).

According to the company, three factors support this valuation. 

The founders invested €120,008 in April and August 2026. The difference between this investment and the company’s current valuation reflects the product developed since then, the €40,488 invoiced, and the now-measurable customer acquisition channel.

Target-scenario trajectory: 300 customers by the end of 2027, 1,000 by the end of 2028, and 5,000 by the end of 2029, followed by targets of 8,000 by the end of 2030 and 11,000 by the end of 2031, corresponding to €25.7 million in annual recurring revenue.

Markets: France and Belgium initially, followed from 2027 by the rest of the European Union, extending beyond French-speaking countries, and the United States from 2029.

DentistryGPT is considering a sale to a dental software or services provider within five to seven years, between 2031 and 2033, when the company will be profitable and serve several thousand dental practices across multiple countries. Potential buyers include dental practice management software providers, healthcare platforms, dental groups, and specialized investment funds. The presented scenario targets a valuation of €200 million in 2031, compared to €5 million after the funding round—representing a target multiple of ×40 on the amount invested—with interim targets of ×4 in 2028 and ×12 in 2029. A Series A round of approximately €2 million is planned for late 2028 or later to support international expansion, followed by preparations for an exit beginning in 2031. A buyout by the founders or a fund, or a merger with a complementary player, is another possible path.

These targets do not guarantee returns or an exit; the actual return will depend, in particular, on the sale price, any dilution, and applicable fees. The investment carries the risk of total loss of capital.

KPI 1 — Paying Customers

2026: 61 paying customers.
2028: approximately 330 to 420 paying customers at the break-even point.
2031: 11,000 paying customers.

KPI 2 — Annual Recurring Revenue (ARR)

2026: Approximately €67,000 in ARR, or €105,000 at full price.
2028: Approximately €0.75 to 1 million in ARR at break-even.
2031: €25.7 million in ARR.

KPI 3 — Annual Churn Rate

2026: 3 paying subscriptions canceled since April; annual rate not yet established, as the customer base is still too small.
2028: 10% maximum.
2031: 8% maximum.

Start date of the offering period: 09/11/2026
Scheduled end date of the subscription period: 14/12/2026 

Extension: Maximum extension of 3 months, until 14/03/2027

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 14/12/2026.

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.