In the competitive world of freelancing, Greek start-up Elorus is offering solutions to help keep small business finances in check. Marissa Tejada reports.
Greek Start-up: Elorus
It’s an exciting time in Greece. Many have caught the entrepreneurial bug, and this innovation is helping to propel the economy. Greek start-up Elorus offers solutions to help other small businesses.
Owning a successful small business requires organization. Athens-based freelance web developers George Stratakis and Pantelis Petridis knew that first hand. From bills, expenses and invoicing, they had a lot to juggle. So they put their knowledge to the test to develop an easy-to-use solution. George explained.
“We were on a with a mission to make life easier not only for us but for millions of small business owners around the world.”
That’s how their Greek start-up Elorus was born. George and Pantelis developed software specifically designed for freelancers and small companies. It delivers high-quality financial services such as invoicing, billing and expense management.
“It helped that we were freelancers so we knew the struggles firsthand. That’s why our company offers something unique. It is a solid, simple and beautiful product ready to be used even by the most novice professionals.”
A market solution born in Greece
In 2014, George and Pantelis launched a beta version of Elorus. George said he didn’t expect it to take off so fast.
“At the time we also launched a couple of online ads just for the fun of it. One month later, we saw a couple of people ordering their Elorus subscription.”
It was then that the entrepreneurs realized they could really move forward with their ideas and attract investors and even more customers. George said that Elorus started as a self-funded project received an early stage funding from StartTech Ventures. Most recently, Elorus received a second round of funding from VivaWallet, the first online payments provider in Greece. In its collaboration with VivaWallet, Elorus developed even more online invoicing and billing services.
Online invoicing and billing software by Greek start-up Elorus helps small businesses. IMAGE: elorus.com
Effects of a Greek Crisis
Looking back, George said the economic crisis in Greece had both positive and negative effects for them. He admitted that Elorus may not have even existed without the crisis.
“Due to the crisis, there were fewer options available in the shrinking private sector. We were living in an environment that could not create new well-paid jobs. That’s when we decided that we should take advantage of our tech expertise and set up our own business.”
George added that sadly enough 200,000 small businesses closed in Greece because of the economic crisis. However, those that are open for business find that Elorus helps solve their problems. In the end, he is proud that Elorus fills a need by being a great tool for those that need to organize small business and freelancing finances.
Innovation for Small Businesses
George assured us that the Elorus team is looking ahead.
“I love the fact that we are a small team of open-minded people, committed to executing our vision. Building your start-up team is the most important, and at the same time an incredibly difficult task. It takes forever to find the right people to get the job done.”
Today, more than 10,000 freelancers and small business owners have registered for an Elorus account. Elorus offers a free plan so professionals can use the platform free of charge. Users can then opt to upgrade for paid services.
“We pay great attention to what our clients have to say and upgrade our services according to their needs. We still have a long way to go, but since day one we have received very positive feedback.”
George said that so far, they have had much success in Greece and Cyprus, and now they are exploring English-speaking markets, such as the U.S., U.K. and Canada. He added that the freelance market is growing fast and that in the U.S. alone there is an annual growth rate of 3%.
“Hundreds of thousands of new businesses are emerging, and their needs have to be addressed. The numbers show that freelancers are the future of the global economy, and Elorus is here to make their lives easier.”
Five years from now, George said that he envisions that Elorus will be the go-to financial solution for freelancers and small business owners all around the globe.
“After all, we do make their life easier so our subscribers can invest their time on the only thing that matters the most — their very own business.”