Following the successful completion of the 3rd financing call, Co-Fund continues to seek ways to improve its operations, always aiming at the greatest possible benefit for the Social and Solidarity Economy (SSE) sector in Greece. In this direction, our team is already working on and preparing a set of measures and initiatives for the coming months.

In this context, Co-Fund announces a new framework for the submission and evaluation of financing applications. The main feature of this change is the ability for interested SSE ventures to submit a financing application at any time, as Co-Fund is abandoning the model of fixed financing calls that it has followed until now. From now on, each approved financing application will proceed directly to implementation, provided that Co-Fund’s available financing capital at that time allows it. In case of a temporary lack of funds, the existing procedure remains in place, according to which approved applications will be implemented once the required amount has been raised, following the order of priority determined by the members of Co-Fund’s funding community.

In this way, Co-Fund reduces the response time to the actual financing needs of SSE ventures, while at the same time enabling the ventures seeking funding to contribute to the growth of our funding community and, consequently, to the faster accumulation of the funds they require.

All details of the new framework for submitting and evaluating financing applications can be found in the revised Rules of Procedure of Co-Fund.

For further clarifications or financing applications, please contact us at info@co-fund.gr

We are publishing Co-Fund’s financial report for 2025, as we do every year, with the aim of ensuring transparency in the operation of our venture.

2025 was the year of our 3rd funding call, which also marked the beginning of our valued collaboration with the Karditsas Cooperative Bank. The resulting operational workload did not allow us to dedicate sufficient effort to attracting new subscribers.

Nevertheless, during the course of the year we received two significant one-off donations. As a result, Co-Fund recorded a 54% increase in total revenues, expanded the total amount disbursed under the latest funding call to €25,000, and raised its cash balance to over €36,000.

2026 finds us more optimistic than ever, and ready to work towards greater outreach and the growth of Co-Fund’s funding community — a community that, despite all adversity, gains ever more momentum with each passing month, driving forward the vision of a solidarity-based, cooperative, and green economy.

Keep on going!

CO-FUND_FINANCIAL-REPORT_2025

Co-Fund is announcing the results of the assessment of applications received under the 3rd funding call for SSE ventures in Greece (May – June 2025). As is standard practice, the assessment process followed the relevant provisions of Co-Fund’s internal regulations — specifically paragraphs 2.2, 2.3, and 2.4.

At the first stage of assessment, the General Assembly initially approved three of the five applications received in total as adequate and consistent with Co-Fund’s current risk-taking capacity. A fourth application, initially assessed as high-risk, was revised by the applying venture following discussion with the General Assembly and was subsequently approved by the latter.

The four ultimately approved applications total €25,000 cumulatively, exceeding the initially announced available capital of €20,000. The General Assembly, in accordance with paragraph 2.6 of Co-Fund’s internal regulations, decided to expand the call’s capital equally to €25,000, taking into account the additional capital available in the company’s fund as well as the overall quality of the approved applications.

Consequently, no vote was required among Co-Fund’s funding community members to determine priority in the implementation of the funding disbursements. The General Assembly nonetheless carried out the second stage of assessment of the approved applications as usual, with the aim of maximising transparency and more clearly presenting Co-Fund’s funding policy to community members and the wider public.

The detailed assessment of the applications follows:

Synallois

Urban Supply Cooperative for Solidarity Economy Website: https://synallois.org/

Activity

The venture is engaged in fair and solidarity trade, operating a general store with relevant goods in Thiseio, in the centre of Athens. The venture’s primary cooperation within the framework of fair and solidarity trade is with the Zapatista coffee cooperative Yachil Xojobal Chulchan. They import the coffee directly in raw form, process it, and sell it — both retail at their store and wholesale primarily to SSE ventures.

Funding Proposal

Working capital for the purchase of Zapatista coffee.

In keeping with the principles of fair and solidarity trade, 60% of the value of the annual coffee import is pre-paid approximately 6 months before arrival. The remaining 40% is paid upon arrival, together with the special consumption tax and VAT applicable to the full product. This condition creates very significant liquidity needs that the venture can no longer cover from its own resources. At the same time, the increase in the purchase price of coffee in recent years has further increased its financing needs. A potential grant from Co-Fund would provide significant relief in financing the coffee purchase. For this reason, the venture is requesting funding of €5,000.

General Assembly Assessment

A. The business proposal is assessed as mature, as it is entirely clear and has been implemented under similar terms many times in the past (5.0).

B. The social utility of the proposal is also assessed as high, thanks to the multiple social benefits of fair and solidarity trade (4.7).

C. The ecological footprint is initially assessed as quite high, since the coffee in question is cultivated under conditions of absolute respect for the natural environment and the enhancement of biodiversity. The need for transportation clearly has a negative impact on the ecological footprint, but given the constraints of any alternative, the overall footprint is assessed positively (4.8).

D. The risk of the proposal is estimated as very low, owing to the venture’s many years of successful operation and its consistently positive results in previous years (4.8).

E. The ratio of fixed to variable capital for which the requested funding is intended is assessed as low, given that the entire investment is earmarked for liquidity rather than the purchase of equipment (2.0).

F. The ratio of the requested funding to the venture’s turnover in the most recent year is very small and is therefore assessed very positively (5.0).

G. The ratio of the requested funding to the total capital of Co-Fund’s funding call (equal to ⅕) is assessed positively, as it leaves sufficient funding space for other ventures (4.3).

H. The number of planned new jobs is zero and is therefore assessed at the lowest possible score (1.0).

I. Similarly, the criterion regarding the nature of the planned jobs cannot be applied and is assessed accordingly (1.0).

J. The degree of collaboration with other SSE ventures is assessed as high, as the venture works closely with several SSE ventures (clients and suppliers) (5.0).

K. The presence of other SSE ventures with a similar field of activity in the same geographic area is assessed as moderate (2.5).

L. The duration of the venture’s participation in Co-Fund’s funding community dates back to its first year of operation and is therefore assessed very positively (4.8).

M. The total amount of subscriptions paid by the applying venture to Co-Fund’s fund is also assessed very positively, as it reflects a collective and an individual subscription, both above the minimum and of very significant duration (4.7).

N. The repayment timeline for the requested funding is assessed very positively, as it is estimated at less than one year (4.8).

O. The criterion regarding the number of funding disbursements the venture has previously received from Co-Fund is assessed lower than the other applications, as the venture has been funded once before in 2023 (2.8).

Open Lab Athens

Urban Non-Profit Company Website: https://olathens.gr/

Activity

The venture is a research collective engaged in the design and development of technologies to support SSE, innovative social models, and grassroots self-organisation. It seeks to achieve this through participatory research and the development of open technologies in collaboration with research institutions and universities.

Funding Proposal

Working capital for the implementation of the CORPUS project.

The venture is participating in the implementation of the CORPUS project, carried out within the framework of the EU’s DUT (Driving Urban Transition) initiative. The project concerns the development of community laboratories (makerspaces, Urban Living Labs) and participatory urban regeneration in Aigaleo and Turin. It is being implemented in collaboration with the Municipality of Aigaleo, the University of Turin, and the University of Delft. Participation is reimbursed gradually by the General Secretariat for Research and Innovation of the Greek Ministry of Development upon completion of activities, making it necessary to identify sources of liquidity for its implementation.

General Assembly Assessment

A. The business proposal is assessed as mature, as it is sufficiently clear and specific (5.0).

B. The social utility of the proposal is assessed as high, as it promotes community cooperation and urban sustainability (4.7).

C. The ecological footprint of the proposal is assessed positively, as beyond intellectual work it includes low-impact urban interventions (3.7).

D. The risk of the proposal is estimated as particularly low, owing to its inclusion within a sufficiently large EU funding programme that is already under implementation (5.0).

E. The ratio of fixed to variable capital for which the requested funding is intended is assessed as moderate, as the purchase of equipment accounts for the smaller part of the funding (2.2).

F. The ratio of the requested funding to the venture’s turnover in the most recent year is sufficiently small and is therefore assessed as moderately positive (3.8).

G. The ratio of the requested funding to the total capital of Co-Fund’s funding call (equal to ⅕) is assessed positively, as it leaves sufficient funding space for other ventures (4.3).

H. The number of planned new jobs is zero and is therefore assessed at the lowest possible score (1.0).

I. Similarly, the criterion regarding the nature of the planned jobs cannot be applied and is assessed accordingly (1.0).

J. The degree of collaboration with other SSE ventures is assessed as high, as the venture collaborates with two other SSE ventures within the framework of the submitted proposal (4.0).

K. We are not aware of another SSE venture primarily engaged in research in the Municipality of Athens, and the application is therefore assessed very positively on the criterion of geographic density of the field of activity (4.7).

L. The duration of the venture’s participation in Co-Fund’s funding community is assessed as relatively positive, given that one member has been among the first members of the community, while other members recently began their subscriptions to Co-Fund (3.2).

M. The total amount of subscriptions paid by the applying venture to Co-Fund’s fund is assessed as outstandingly positive, as it reflects many years of contributions from one member and several annual — above-minimum — subscriptions from other members of the venture (5.0).

N. The repayment timeline for the requested funding is assessed as moderate, as it is estimated to exceed one year (2.3).

O. The criterion regarding the number of funding disbursements the venture has previously received from Co-Fund is assessed very positively, as the venture has not been funded before (5.0).

Terra Verde

Social Cooperative Enterprise Website: http://www.terraverde-chania.gr

Activity

The venture is engaged in the trade of fair and solidarity food products and in the employment and empowerment of people with disabilities, through its store in Chania.

Funding Proposal

Working capital to cover operating expenses until disbursements from the Operational Programme «Crete» 2021–2027.

The venture plans to further develop its activity with the aim of increasing revenues, maintaining and expanding its customer base, and ensuring access to employment for people with disabilities — with the opening of two part-time positions. The planned investment includes the operation of a second branch in the city of Chania, which will sell unpackaged goods in accordance with the principles of the zero-waste movement. A potential grant from Co-Fund would provide the necessary liquidity for the branch’s operation (equipment purchases and operating costs) until funds are disbursed from the «Crete» 2021–2027 programme.

General Assembly Assessment

A. The business proposal is assessed as adequate, with minor gaps in the projections regarding the future return on the investment (4.0).

B. The social utility of the proposal is assessed as particularly high, as it combines the benefits of fair and solidarity trade with the promotion of zero-waste consumption patterns and the employment of people with disabilities (5.0).

C. The ecological footprint of the proposal is assessed as very positive, as it contributes to the reduction of generated waste (4.7).

D. The risk of the proposal is assessed as moderate, despite its inclusion in a regional funding programme, as it encompasses ambitious targets and a significant total amount (3.3).

E. The ratio of fixed to variable capital for which the requested funding is intended is assessed as moderate, as the purchase of equipment accounts for the smaller part of the funding (2.2).

F. The ratio of the requested funding to the venture’s turnover in the most recent year is sufficiently small and is therefore assessed as positive (4.0).

G. The ratio of the requested funding to the total capital of Co-Fund’s funding call (equal to 2/5) is double that of the other applications in the call, and is therefore assessed more negatively (2.3).

H. The proposal provides for the creation of two new part-time positions and is therefore assessed as moderately positive (3.8).

I. The nature of the planned jobs is assessed as relatively negative, as they do not constitute full-time, equal cooperative positions (2.3).

J. The degree of collaboration with other SSE ventures within the framework of the proposal is assessed as moderate (3.3).

K. There is no other SSE venture engaged in fair and solidarity trade and the employment of people with disabilities in the Prefecture of Chania, and the application is therefore assessed very positively on the criterion of geographic density of the field of activity (5.0).

L. The duration of the venture’s participation in Co-Fund’s funding community is considerably shorter than other ventures and is therefore assessed as moderate (2.7).

M. The total amount of subscriptions paid by the applying venture to Co-Fund’s fund is clearly lower than that of the other applying ventures and is therefore assessed negatively (1.2).

N. The repayment timeline for the requested funding is assessed as moderate, as it is estimated at approximately one year (3.2).

O. The criterion regarding the number of funding disbursements the venture has previously received from Co-Fund is assessed very positively, as the venture has not been funded before (5.0).

I Treli Rodia (The Wild Pomegranate)

Social Integration Cooperative Enterprise Website: https://trelirodia.gr/

Activity

The venture is engaged in the cultivation of aromatic, medicinal, and insect-repellent plants, combined with the social and vocational reintegration of people with addiction issues. The venture operates in the Municipality of Thermi in the Prefecture of Thessaloniki and the wider region of Central Macedonia.

Funding Proposal

Working capital for the development of a biofarming educational programme space, pending the disbursement of the first instalment from the Regional Operational Programme of Central Macedonia.

The venture plans to develop two new educational programmes: a vocational training and empowerment programme for individuals belonging to vulnerable social groups, and an environmental education programme for children, aimed at raising awareness of biofarming, clean food, and an ecological way of life. A potential grant from Co-Fund would significantly facilitate progress in the construction of the educational space and the purchase of the necessary equipment, ensuring the timely launch of its operation.

General Assembly Assessment

A. The business proposal is assessed as adequate, with certain gaps in the projections regarding the future return on the investment (3.7).

B. The social utility of the proposal is assessed as particularly high, as it combines biofarming with education for children and the vocational reintegration of vulnerable individuals (5.0).

C. The ecological footprint of the proposal is assessed as very positive, as it promotes environmentally beneficial farming practices among the general public and especially children (5.0).

D. The risk of the proposal is assessed as relatively high, as it is effectively a new venture without an established track record and stable turnover (2.3).

E. The ratio of fixed to variable capital for which the requested funding is intended is assessed positively, as it primarily concerns the purchase of equipment and the preparation of the workspace (4.2).

F. The ratio of the requested funding to the venture’s turnover in the most recent year is large, since the first year of formal operation did not include substantive revenues. Accordingly, this is assessed negatively (1.0).

G. The ratio of the requested funding to the total capital of Co-Fund’s funding call (equal to ⅕) is assessed positively, as it leaves sufficient funding space for other ventures (4.3).

H. The proposal provides for the creation of two new jobs and is therefore assessed positively (5.0).

I. The nature of the planned jobs is assessed as moderate, as they constitute dependent employment with the prospect of evolving into equal cooperative positions (3.0).

J. The degree of collaboration with other SSE ventures within the framework of the proposal is assessed as moderate (2.8).

K. The applying venture’s field of activity is quite original, and the application is therefore assessed very positively on the criterion of geographic density of the field of activity (4.7).

L. The duration of the venture’s participation in Co-Fund’s funding community is the shortest among the applying ventures and is therefore assessed negatively (1.0).

M. The total amount of subscriptions paid by the applying venture to Co-Fund’s fund is clearly above the minimum, albeit lower than other ventures due to its short participation period. Accordingly, this is assessed as moderately negative (2.0).

N. The repayment timeline for the requested funding is assessed negatively, as it is estimated to potentially reach up to two years (1.2).

O. The criterion regarding the number of funding disbursements the venture has previously received from Co-Fund is assessed very positively, as the venture has not been funded before (5.0).

Following the pause of 2024, Co-Fund is issuing a new funding call for SSE ventures (existing or being established) in Greece.

This is the first funding cycle in which Co-Fund’s new financing instrument, developed in collaboration with the Karditsas Cooperative Bank, will be activated, enabling access to funding on preferential terms. At the same time, the total amount available for funding is doubling compared to the previous call, once again.

The full terms of the call are set out below:

General call information

The total amount available for funding is €20,000, with a maximum of €10,000 per venture.

Funding is provided through a loan agreement with the Karditsas Cooperative Bank to each funded venture.

The nominal annual interest rate on the loan is 2.5%. Co-Fund absorbs a significant portion of the cost of each loan agreement on behalf of the funded venture.

The application deadline is 15 June 2025. In the event of an insufficient number of applications, Co-Fund may extend the deadline to 30 June.

Application process

Each interested venture is invited to submit a funding application by completing the corresponding form available at this link, and to send Co-Fund the documents described in its internal regulations — specifically in section (2.2) «Eligibility requirements for funding applications» — by email as attachments.

For an application to be accepted, the applying venture must become a Co-Fund subscriber, at a subscription level commensurate with its size and capacity.

Co-Fund reserves the right to request from an applying venture any additional information or document it deems necessary.

Assessment process and criteria

The assessment and final selection of ventures is carried out according to the criteria and process described in Co-Fund’s internal regulations, specifically sections (2.3) «Funding application assessment criteria» and (2.4) «Stages in the review of funding applications». At the first stage of assessment, each application also requires approval from the Karditsas Cooperative Bank.

Terms for the implementation of funding

The details of how funding will be implemented are communicated to the ventures whose applications are approved during the assessment process.

After the disbursement of the funding, the funded project is initially required to disclose our collaboration through a post on its digital communication channels and subsequently maintain communication with Co-Fund regarding the funding results and repayment schedule.

For any further clarification, please contact us.

Co-Fund is pleased to announce the start of a collaboration with the Cooperative Bank of Karditsa, in a joint effort to provide financing solutions for SSE ventures.

As part of this collaboration, a new financing instrument will be piloted, under which the Karditsas Cooperative Bank offers loan agreements to selected SSE ventures on particularly favourable terms.

Through this collaboration, Co-Fund strengthens its operational capacity, actively leverages its available capital, and delivers even more reliable financing solutions within the SSE sector.

We were saddened to learn of the negative development in the SLAPP (Strategic Lawsuits Against Public Participation) case brought by a senior executive of the company “Ellinikos Chrysos” against the cooperative media outlet Alterthess. We did, however, learn that the Alterthess team will continue to fight for justice. To that end, they have launched a crowdfunding campaign to cover at least part of their legal costs.

For us, SSE — and, by extension, Co-Fund itself — is part of the struggle for a fair, democratic, and environmentally sustainable economy: one that moves in a direction entirely opposite to that of destroying our shared natural wealth in pursuit of monetary “profit.”

We have not forgotten our public commitment to the members of our funding community that we use the funds we collect to develop productive SSE projects and not for one-off donations. Nevertheless, we decided to support Alterthess with the symbolic sum of €200, in the strong belief that we are expressing the shared sentiment of all our subscribers. Because, above all else, SSE means solidarity.

We wish the Alterthess team strength and courage.

You can learn more about the case here.

If you would like to support the crowdfunding campaign for Alterthess’s legal costs directly, click here.

2024 could be described as a year of consolidation for Co-Fund. The effort to improve our operational model took considerably more time than we had anticipated, with the result that we did not proceed with any new funding disbursements and essentially remained stagnant on the revenue front.

2024 could be characterised as a year of consolidation for Co-Fund. The effort to improve our operational model took considerably more time than we had anticipated, with the result that we did not proceed with any new funding disbursements and essentially remained stagnant on the revenue front.

That said, the repayment of the bulk of the 2023 fundings, combined with 2024 revenues, creates the conditions for yet another significant increase in our funding capacity this year — thanks, of course, to Co-Fund’s funding community, which has maintained its strength despite the challenging backdrop of the cost-of-living crisis.

This strength, then, has pushed us even further. Something that will become evident very soon.

Keep on going!

Read our 2024 Balance Sheet

We are delighted to announce the formal admission of our new partner, Fotis Papastergiou, to Co-Fund.

For nearly two years, Fotis has been an informal yet invaluable member of our team. Having actively participated since May 2023, he has made a particularly important contribution to raising awareness of Co-Fund among more SSE ventures and cooperative organisations across Greece.

Fotis lives and works in Athens. With a background in Economics and initial professional experience in commerce, he has spent the last ten years working in the field of information technology, with a particular interest in the relationship between technology, society, and entrepreneurship — focusing on the harmonious and mutually beneficial interplay of all three areas. Beyond his studies in the SSE postgraduate programme at the Hellenic Open University, his interest in SSE specialises in the financing of SSE ventures and the emerging concept of Platform Cooperativism.

In reviewing the assessment process for applications received under our second funding call, we identified the need to revisit the evaluation criteria we apply when screening and prioritising funding applications.

After considerable reflection and discussion, we are announcing the completion of the revision of the relevant sections (2.3 and 2.4) of Co-Fund’s Internal Regulations for the forthcoming funding call, with the aim of establishing a more comprehensive and equitable process for assessing future funding applications.

The key features of the revision are:

• a greater emphasis on assessing the risk of a funding proposal
• more favourable treatment of ventures that have not previously received funding
• the addition of criteria relating to the duration and size of a venture’s contribution to our funding community

To view the new funding application assessment criteria in detail, please refer to Co-Fund’s Internal Regulations.

Following the fruitful and constructive meetings we held with the ventures funded by Co-Fund over the past year, we are continuing our preparations for the third call for financial support for SSE ventures.

We expect that by September our current funding disbursements will have been successfully completed. Consequently, combined with this year’s subscription contributions from our funding community members, we will be in a position to announce a significant increase in the total funding amount to be defined by the new call. We thus remain steadfast in our goal of providing increasingly meaningful support to an ever-growing number of SSE ventures.

If you would like to be notified in good time about the call, you can subscribe to our newsletter and follow us on social media.

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