NORNORM Funding News – NORNORM Secures Funding from Santander CIB and EIF

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Santander CIB spearheaded the debt financing round while the EIF played a crucial role in supporting NORNORM's growth by providing financial backing.

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With over 350,000 square metres of workspace furnished and an impressive 50% annual growth in contracted square metres for 2023, NORNORM's strong business fundamentals are evident. The company is well-positioned to tap into the burgeoning office furniture market, estimated at EUR 201 billion, leveraging its innovative approach to office furniture and circular economy principles.

NORNORM benefits from support from the European Union under the InvestEU fund. This financing, alongside previous funding totaling €110M, empowers NORNORM to expand its market reach to the UK, France, and Germany, enhance its business model, innovate and revolutionise the office furniture landscape. NORNORM, a Nordic scale-up business, is committed to sustainable growth and sets a new standard for responsible business practices in the furniture subscription industry through its furniture-as-a-service model that has attracted thousands of customers, including Electrolux, Volvo and Netflix.

Ignacio Yllera, Executive Director of Growth Financing at Santander CIB, said: “We are delighted to provide NORNORM with this facility which will support their growth, expand their business and strengthen their leading position in circular workplace furniture solutions.”

Emil Steenhouweer, CFO at NORNORM, stated: “With this partnership, we are poised to accelerate our mission, bringing circular office furniture to more corners of the world and proving that sustainable practices can drive exponential growth.”

By finalising these agreements, NORNORM has successfully secured the capital necessary to sustain the growth trajectory. The EIF guarantee accompanying the financing represents a pivotal validation of NORNORM´s circular strategy. Notably, Verdane was the pioneering growth investor to endorse our endeavours, and together with Deloitte provided invaluable advisory support.

NORNORM has achieved remarkable success in the Nordics, revolutionising the furniture industry with its innovative subscription-based model. With more than 350,000 square metres of furnished space. In only three years, NORNORM changed the game and has become a category leader in Furniture as a service with a fully circular business model. NORNORM helps businesses cut CO2 emissions by up to 70% compared to buying new furniture, offering office furniture on subscription. This success is a testament to the region's embrace of sustainable practices and modern, adaptable living solutions.

About NORNORM

NORNORM provides businesses with attractive workplace furniture solutions based on a subscription model. Requiring neither investment nor long-term commitment, it offers flexibility to scale up or down as the company grows or downsizes. The concept is built on circularity, where every piece of furniture is kept in a loop from one workspace to the next, and every product is carefully maintained and refurbished to extend its lifespan. NORNORM is on a mission to redefine the future of work by creating a fully circular business model for workspace furniture.