About

Goodfairy is the first social enterprise of the insurance industry. Every time you issue, or renew, your car insurance policy through Goodfairy, we make a donation to a non-profit organization of your choice. Our aim is to create a significant and recurring revenue for the actors of the social economy in Greece.

Solution & Product

Goodfairy is an online insurance broker, that follows the business model of a “For-Profit Social Enterprise”. Currently, Goodfairy support more than 30 Greek non-profit organization. How our business model works: We keep adverising costs to a minimum, by spreading the word of our benevolent cause, through the non-profits own media, to their members, volunteers and friends. Through our price comparison platform, people can insure their vehicle, in the same way that they can do so in any other car insurance aggregator platform. Once the insurance policy is issued, Goodfairy makes a donation, equal to 50% of the commission received by the insurance company, to the non-profit that the client has chosen. Goodfairy will repeat this donation, every time the client renews the car policy. Through our innovative business model, we strive to achieve sustainability by enabling non-profits to become financially independent, instead of relying solely on grants and corporate donations.

Innovation & Scalability

Goodfairy is the first social enterprise in the world, that utilizes the power of an insurance aggregator, in order to enable non-profits to support themselves financially, instead of relying solely on grants and donations. Our business model is 100% scalable, not only because it utilizes a digital platform for creating new business, but because it can be replicated all around the world, in the same way that numerous insurance aggregators have done in the past.

Traction & achievements

We succesfully completed our proof of concept MVP phase in 2022. During this period we managed to achieve the following milestones: 1) On boarding more than 30 non-profits. 2) Partering 9 insurance companies 3) Participating in 2 accelaration incubators (HIGGS & NBG Seeds) 4) Issue our first 20 insurance policies through our online platform 5) Achiving an average dontaion of 19,25 euros per policy 6) Gathering more than 3.000 social media followers 7) Launching our first ATL brand awareness digital campaign 8) Becoming a commericial sponsor for the "Race for the Cure" breast cancer race.

Team & Why Us

Our team currently consists of the two founding member of Goodfairy, the Head of Operations, Mrs. Elena Monacholakou and the Head of Digital, Mr. George Kaskarelis.

Funding Needs

We have successfully completed our MVP and proceeded with our product launch on July 2023. So far, we have financed our startup mainly through capital from the founders (20K) and through a government grant (5K) and a loan by AFI (6L). Our goal now is to seek Pre-Seed Funding, so that we can scale up our company and prove that we can raise further funding for the Seed phase. For this purpose, we will seek an investment of 500.000 euros im exchange of 20% of our equity, with the allocation of funds to the corresponding cost center being 70% marketing, 20% FTEs and 10% infrastructure.