Copenhagen’s Nornorm has raised €110 million in a funding round led by Oslo-based growth equity firm Verdane, with the Inter IKEA Group and Philian AB, the personal investment vehicle of H&M president and CEO Karl-Johan Persson, participating. The company offers a subscription-based furnishing service that helps businesses to move from single-use office furniture to a circular model. The fresh capital is expected to help the company press forward with international expansion.
With the vast majority of office furniture ending up in a landfill, Nornorm offers a FaaS model, yes, that’s Furniture-as-a-Service, to extend the life cycle of its office furniture by a factor of 3x.
Not only does its method reduce the number of Flintans or Huvudspelares that are stuffed into holes in the ground at any given time, but also improves the flexibility and cost efficiency for landlords and business owners.
Currently in operation in Denmark, Sweden, Norway, Finland, Germany, France, Netherlands, Belgium, Poland, and Austria. Having recently made a splash on UK shores, the company is, naturally, eyeballing the global cash cow, the US market, and the IKEA and Co. backing is slated to fuel this ambition.
Nornorm was co-founded with Inter IKEA Development in 2020, and according to the company, in under two years, has sold over 200,000 square metres of office furniture subscriptions in over 500 office installations, resulting in more than 22,000 people taking part in the circular economy movement. Whether they know it or not.
Amongst its customer base, Nornorm counts Volvo, Electrolux, Castellum, IWG, Wolt, Miro, Edge, and Netflix.
“The same way Tesla’s electrification of cars has influenced the motor industry, we want to be the catalyst of change to circularity in the workspace industry,” said Nornorm CEO Anders Jepsen.