Copenhagen, Denmark, October 1, 2025

NORNORM, the Nordic scale-up redefining office furnishing through a circular Furniture-as-a-Service model that turns ownership into access, today announced the successful closing of €50 million in new funding, advised by Houlihan Lokey. All existing investors including Verdane, Inter IKEA, Philian AB and Banco Santander have reaffirmed their commitment.

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The new funding strengthens NORNORM’s market leading position and supports its strategy to expand while staying profitable. The company has reached €14 million in annual subscription revenue, furnished over 360,000 sqm of office space since launch and is operationally profitable in all core markets.

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NORNORM’s model replaces traditional ownership of office furniture with a Furniture-as-a-Service subscription, extending the lifespan of products up to three times while offering flexibility for businesses to scale up or down as needed. By doing so, NORNORM reduces costs for customers while cutting waste and emissions in the workplace sector.

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NORNORM’s circular Furniture-as-a-Service model is rapidly expanding its international reach, now serving 17 countries and 59 cities and furnishing workplaces for more than 36,000 employees. The combination of sustainability, flexibility and design-led solutions is driving significant growth, positioning NORNORM as a leading force in the circular economy.

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This funding powers NORNORM to scale its circular model faster, using technology and AI to deliver a game-changing, sustainable alternative to traditional office furnishing.

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“This funding gives us the strength and flexibility to stay in control of our growth path while staying profitable. With our strengthened financial position, we can accelerate the adoption of our circular furnishing model across Europe and further consolidate NORNORM’s role as a frontrunner in the circular economy,” said Anders Munk Jepsen, CEO and founder at NORNORM.

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"NORNORM continues to demonstrate how circular business models can combine sustainability with commercial success. The company is setting a new standard in the furnishing industry, proving that circularity is not just environmentally necessary but also financially attractive. We are proud to continue supporting NORNORM on its journey," said Erik Osmundsen, Partner at Verdane.

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_{Key facts:}

• €50M secured
• Strong commitment from all existing investors
• €14M in annual revenue with steady growth
• Profitability targeted in all core markets by 2026
• More than 360,000 sqm of office space furnished since launch
• 36,000+ employees now working in NORNORM spaces
  

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_{About NORNORM}

_{NORNORM provides businesses with attractive workspace solutions based on a subscription model. Built on circularity, every piece of furniture is kept in continuous circulation through refurbishment, reuse, and repair, extending its lifespan and reducing waste. Founded in 2020 with Inter IKEA Development, NORNORM is backed by Verdane, Inter IKEA, Philian AB, and Banco Santander. The company is headquartered in Copenhagen with offices in Stockholm, Amsterdam, Berlin, and London, and is active in 17 European countries and 59 cities. Customers include Electrolux, Netflix, Wolt, Miro, IWG, Castellum, EDGE, and Holland & Barrett.
For more information, visit www.nornorm.com}

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_{About Verdane
Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. Verdane funds have the most flexible mandates in the industry. The firm can invest as a minority or majority investor, replacement or growth capital, in single companies or in portfolios of companies.}

_{Verdane has over €10 billion in assets under management and its funds have made more than 200 investments in fast-growing businesses since 2003. Verdane’s team of over 150 investment professionals and operating experts is based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, and combines deep sector expertise with deep local networks and presence in core European markets.}

_{Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy. Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.
For more information, visit www.verdane.com}