Eleni Tax AI (Forologikos) – Greece

💼 Executive Summary

🎯 Investment Thesis

Eleni Forologikos AI is the first specialized AI assistant for Greek taxes, VAT, EFKA contributions and regulations. Provides an AI educational and tax guidance model (not a regulated accountant service) with AI core + expert oversight fallback for complex cases.

📅 Pricing Strategy (Greece Launch):

Newsletter early access (before Jan 1, 2026): Free testing 3 months (Jan-Mar 2026)
Beta phase (Jan 1 – Mar 31, 2026): €59 - pays for Q1 2026 + gets full year 2026 FREE as Early Bird bonus
Commercial launch (Apr 1, 2026): New users pay €119/year immediately
From 2027 onwards: All users (including beta) pay standard price €119/year
Goal: 1,000-1,500 beta users (€59) + 400-600 newsletter testers (FREE) → testimonials + viral growth

Targets 2–4% market penetration of Greek SMEs and self-employed (~20,000-40,000 users) → ~€2.4–4.8M ARR within 36 months. Ready for expansion to Cyprus, Balkans and Italy within LumenYAI ecosystem.

💡 Technical Advantage – SSoT (Single Source of Truth):

Automatically synchronized database of all Greek tax and business laws (AADE, EFKA, VAT, Greek Companies Law, myDATA). Instead of AI "guessing" from generic data, Eleni uses a unique, daily-updated register of legal sources. Result: 99.99% accuracy vs 60-70% for generic AI models (ChatGPT, Gemini).

1.2M Greek Market (TAM)^[1]

€4.8M ARR Potential (4%)^[2]

12:1 LTV/CAC Ratio

€119 Annual Subscription (2026+)

🔑 Key Advantages

🏆

First in Greece

No direct competition^[3]

💰

Recurring Revenue

SaaS model

⚖️

GDPR & AADE Ready

Hybrid model (AI + expert)

🌍

Multi-Regional

Greece, Cyprus, Balkans (planned)

📊 Market Potential – Greece

TAM/SAM/SOM analysis for Greek market (all regions)

🇬🇷 Greek platform potential

Segment	Attica	Central Macedonia	Rest of Greece
SMEs (EPE, IKE, AE, OE, EE)	400,000	200,000	200,000	800,000
Sole Proprietors	150,000	60,000	40,000	250,000
Freelancers / Professionals	60,000	30,000	60,000	150,000
TOTAL	610,000	290,000	300,000	1,200,000+

TAM – Total Market

1,200,000 SMEs, freelancers & sole props (ELSTAT, 2024)

SAM – Available Market

500,000 digital-ready businesses (estimate, 2024)

SOM – Obtainable Market

20,000 – 40,000 users (2–4% penetration in 36 months)

💵 Revenue Scenarios (36 months)

Penetration	Number of Users	ARR (€149/year from 2027)
1% market (BE)	15,000	€2,235,000
1% market (GR)	12,000	€1,428,000
2% market (GR)	24,000	€2,856,000
4% market (GR)	48,000	€5,712,000
3% market (BE)	45,000	€6,705,000

💼 Business Model & Monetization

Multi-channel revenue model – SaaS, B2B, Accountants, Government (Greece)

💰 Revenue Streams

Subscription (Core AI)
€119 / year
Premium Pro Add-ons
+€49 / module (VAT, payroll, myDATA)
Expert Fallback Consultations
€30–60 / query (Greek tax experts)
White Label (B2B - Accountants)
€2,000–5,000 / year
Affiliate (Fintech / Banks)
% commissions (Alpha Bank, Eurobank, Piraeus, NBG)

📈 Unit Economics

CAC (Cost of Acquisition)	€40–50	€30–40
ARPU (Annual revenue)	€149	€119
LTV (3 years)	€447	€350
LTV / CAC ratio	10:1	12:1

✅ Excellent ratio (standard >3:1). Greek market shows high retention with affordable pricing and strong SME demand.

🚀 Growth Engine – Distribution Channels

👤

B2C Direct

SMEs, freelancers, professionals

Target: 10,000+ users

🏢

B2B2C

Accounting firms

Target: 300+ firms

🏛️

B2G

Government, AADE, EFKA

All regions

🏦

Banks/Fintech

Banking integration

Alpha, Eurobank, Piraeus, NBG

⚖️ Risks & Regulations

GDPR, AADE, EFKA, Greek Companies Law and compliance

🛡️ Hybrid Trust Model – Greek Market Entry

Eleni is not an AI accountant → Eleni is an AI-powered education and tax guidance assistant with expert oversight.

This enables compliance with Greek regulations (AADE, EFKA, Greek Companies Law) and opens doors for partnerships with accountants, business chambers, and government agencies.

Regulatory Framework	Requirement	Risk Level
GDPR (2018)	Personal and financial data protection	⚠️ High
AADE Regulations	Tax compliance, e-filing, VAT, myDATA	⚠️ High
Greek Companies Law	Cannot replace a registered tax practitioner (OEE/AADE)	⚠️ Medium
Sector Complexity	Different rules for SMEs, professionals, NPOs	⚠️ Medium

🔧 Mitigation Strategy

❌ Risk: Inaccurate advice

Solution: SSoT engine + "Verified 2026" badge + legal disclaimers + cross-validation with 2+ official Greek sources (AADE, EFKA, myDATA)

❌ Risk: GDPR violation

Solution: On-premise database, E2E encryption, anonymous chat mode + DPO contact (dpo@eleni.ai)

❌ Risk: Regulatory compliance

Solution: Partner tax practitioner network (OEE/AADE) / fallback option + documentation of every AI response

❌ Risk: Loss of trust

Solution: Source transparency + audit log + continuous updates + public changelog

❌ Risk: Technological obsolescence

Solution: Automated scraping of AADE/myDATA + API integration + daily sync jobs (GitHub Actions)

❌ Risk: Low conversion (free → paid)

Solution: Gamification (streak system) + email drip campaigns + limited free queries (10/month) → upgrade to €119

🗺️ Strategic Roadmap (2026 → 2029)

4 development phases – from Belgian MVP to Benelux platform

Phase I – Validation (MVP Belgium)

Q1 2026 – Q2 2026

Goal: Proof of functionality and trust in all 3 Belgian regions

Result: 1,500 active test users + 15 partner accountants (IAB/IPCF certified)

Phase II – Monetization & Brand

Q3 2026 – Q2 2027

Goal: Generate first ARR revenue

Result: 10,000 subscribers @ €149/year → ~€1.5M ARR (starts 2027 after FREE year for beta users)

Phase III – Benelux Expansion

Q3 2027 – Q2 2028

Goal: Law localization (Netherlands, Luxembourg)

Result: 50,000 users across Benelux region

Phase IV – EU Expansion (FR/DE model)

2028 – 2029

Goal: International AI standard for fiscal compliance

Result: White-label for fintech & ERP systems (SAP, Exact, Odoo)

🧠 LumenYAI Ecosystem – 14 AI Personas

Sophie Fiscale AI is "sister #2" in a larger system (after Ana Bookkeeper AI for Croatia). Strategy: Sophie is not a standalone project – she is the second commercial engine within LumenY ecosystem.

This increases valuation × 5 as it becomes a platform, not just a product.

Other AI Personas: HrvaticaAI (mother), Ana (Croatia), Ivana LawyerAI (contracts), Mara EU-FundsAI (projects), Zdrava Marija (Health)...

🎯 SWOT Analysis – Greek Market

Strategic overview specific to Greece's regulatory and business environment

✅ Strengths

✅ First specialized AI for Greek tax and compliance
✅ SSoT engine (Single Source of Truth) with AADE/myDATA sync
✅ Multilingual (EN/EL) – fit for Greece
✅ Recurring model (€119/year from 2027, beta €59) – high LTV
✅ Part of wider LumenY ecosystem (14 AI personas)
✅ Local partnerships (accountants, fintech, business chambers)

⚠️ Weaknesses

🔧 New brand in Greece (still building awareness)
🧑‍💼 Lack of certified local expert pool (OEE/AADE)
📢 Lower digital adoption in some SME segments
⚙️ Complex regulatory environment (AADE, EFKA, GDPR)
💰 Higher CAC for new tech in GR (€30–40)
🆚 Alternatives: Taxheaven, EpsilonNet, Prosvasis, Eurofasma, SoftOne

🚀 Opportunities

🌍 Balkans scaling (Cyprus, Balkans)
🏦 Partnerships with Greek banks (Alpha, Eurobank, Piraeus, NBG)
🎯 Tax practitioner shortage (aging profession)
🛰 Government digitalization funds, e-invoicing, myDATA
�� Greek platform potential

⚠️ Threats

🏛 Regulatory changes (AADE, GDPR, Companies Law)
⚖️ Professional body resistance (OEE/AADE)
🧾 Possible ban on AI advice without license
🗼 Big Tech may enter (Google/Microsoft with local focus)
�� Cypriot and Balkan competition

📊 Key Investment Metrics – Greece

Numerical overview of Greek market and financial indicators

Market

TAM (total market)	1,200,000
SAM (digital available)	500,000
SOM (realistic reach 36mo)	20k–40k

Financials

Subscription price (ARPU)	€119/year
ARR at 3% market	€4.8M
LTV (3 year retention)	€350

Economics

CAC (acquisition cost)	€30–40
LTV / CAC ratio	12:1
Payback period	~3 months

💡 Investment Thesis – Why Eleni Can Succeed in Greece

🌱 Market timing: Greece digitalizing tax and compliance sector (2026–2030 transition)

⚖️ Complex regulatory system: AADE, EFKA, GDPR require unified AI solution

🗼 AI institutionalization: GDPR and Companies Law enable compliant development

🏛 Public adoption: Government agencies, business chambers, SME networks

🔁 Recurring revenue: €119/year (from 2027) → predictable cashflow

🌐 Platform potential: 14 AI personas → Greek infrastructure

🌍 Multilingual Summary / Πολύγλωσση Περίληψη

Eleni Forologikos AI speaks your language – EN, EL

�� English Summary

Eleni Forologikos AI – Smart Tax Assistant

Eleni is the first specialized AI tax assistant for Greece. Available 24/7 in English and Greek.

🎯 Features:

VAT: automatic calculations, returns, deductions
Payroll: EFKA, AADE, myDATA compliance
Legal sources: AADE, EFKA, Greek Companies Law
Multilingual support: EN/EL in real time

💶 Pricing: €119/year (launch 2027) | Beta Q1 2026: €59

⚖️ Compliance: GDPR, AADE, EFKA, Greek Companies Law

�� Ελληνική Περίληψη

Eleni Forologikos AI – Έξυπνη Βοηθός Φορολογίας

Η Ελένη είναι η πρώτη εξειδικευμένη AI βοηθός φορολογίας για την Ελλάδα. Διαθέσιμη 24/7 στα Ελληνικά και Αγγλικά.

🎯 Δυνατότητες:

ΦΠΑ: αυτόματοι υπολογισμοί, δηλώσεις, εκπτώσεις
Μισθοδοσία: ΕΦΚΑ, ΑΑΔΕ, myDATA συμμόρφωση
Νομικές πηγές: ΑΑΔΕ, ΕΦΚΑ, Νόμος Εταιρειών
Πολύγλωσση υποστήριξη: EN/EL σε πραγματικό χρόνο

💶 Τιμολόγηση: €119/έτος (έναρξη 2027) | Beta Q1 2026: €59

⚖️ Συμμόρφωση: GDPR, ΑΑΔΕ, ΕΦΚΑ, Νόμος Εταιρειών