Frequently Asked Questions

How will the startups included in the Tax Shelter Tracer be selected?

The companies within Tax Shelter Tracer must fulfill the following conditions:


  • Location: the company must be Belgium-based
  • Legal: BVBA/SPRL or NV/SA
  • Tax Shelter: at least €100,000 eligible for the Tax Shelter
  • Project Validation
    • Min. 2 Co-founders having invested min. €25,000 in the company
    • Incubated, followed by an Accelerator or supported by a Studio or have €50,000 in co-investment
    • Having a POC and an MVP
    • At least one signed client

Applied on Spreds

  • Registration on the Spreds website
  • Financials:
    • answer all questions (about 30 minutes)
    • provide full financials for current year + 2 upcoming years
      • cash flow statement that includes the capital increase
      • profit & loss statements
      • if another round is needed in the coming 3 years
      • financial plan shows enough cash to survive 6 months without revenue

Contract Signing

  • Sign Service Agreement and the Reps & Warranties


  • Valuation: the Tracer follows the valuation set by the company as long as at least ONE professional investor invested at least 50 000 EUR. The professional investor needs to provide us with his background (I) and the calculation method used to compute the valuation (II).
  • Default Valuation: if the conditions of the valuation are not completed, then the default valuation is:
    • maximum €1,000,000 if the turnover is below €100,000 or maximum 10 times the turnover if the turnover is more than €100,000 (pre-money valuation)
    • maximum €666,667 (post-money valuation) if the company is incubated (15% of the shares for €100,000)
  • Administrators: at least one administrator to act in the name of Spreds Finance being either the professional Co-investor listed above or an independent Director


  • Code of Ethics: respect our Code of Ethics


  • Online profile
  • Review and sign the Term Sheet
  • Sign off the Information note or the Prospectus
  • Private and/or public campaign