Up to 0.4.12-dev-931-g505d27cbef71b57be012139c075739936c2004c8 it starts fine. With 0.4.12-dev-932-g107847935850743aed27c2e5358e5ab1c0c7023b I cannot test it, since building on that commit fails for me. So I cannot be sure that this commit is guilty. Only in 0.4.12-dev-933-g7143e411c46380b4ec73f51b481c382504602901, which is compilable again, this app crashes at start due to gdi32, lpk and usp10.
In Win2k3 it works fine too.
Tested in VirtualBox 5.2.26, on a clear installation.