Danish subscription service Nornorm has raised a triple-digit million amount for further global expansion of its corporate interior design concept. Venture capital firm Verdane is leading the round.
Office design service Nornorm has raised 110 million euros ($132 million) in an investment round led by venture capital firm Verdane. The amount is equivalent to 818 million Danish kroner ($127 million) and is co-funded by Swedish investment firm Philian Invest, the investment company of H&M heir and board member Karl-Johan Persson, and Inter Ikea Group, the parent company of the Ikea conglomerate.
The Swedish furniture company continues its involvement in Danish firm Nornorm, which was founded in 2020 by Ikea Development along with former Ikea CEO Anders Jepsen and Skype co-founder Jonas Kjellberg.
Nornorm’s business is based on the sale of office design subscriptions. These allow companies to switch from a linear approach to office furniture to a circular model, according to Nornorm’s press release.
This means that Nornorm’s subscribers move from owning to renting their furniture, which Nornorm also helps set up and will take away if the subscriber wishes to change or cancel their subscription.
Since 2020, Nornorm has completed over 500 office installations, and its existing customers include Volvo, Electrolux, and Netflix. The new capital injection will be used by Nornorm as a launchpad for further global expansion.
The company is headquartered in Copenhagen and currently has operations in the Nordic countries, Germany, France, and recently entered the UK market. The US is planned for 2023.
“In the same way that Tesla’s electrification of the car park has affected the automotive industry, it is now our goal to be the catalyst for a shift to circularity in office design,” said Nornorm CEO Anders Jepsen in the press release.
Nornorm said it will use Verdane’s international network and expertise to both scale on new markets and increase its digital and sustainability-related competencies.
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