NORNORM closes financing from Santander CIB guaranteed by the European Investment Fund (EIF) to fuel expansion in Europe
Copenhagen, Denmark July 1, 2024 – NORNORM, the leading provider of circular workplace furniture solutions, announces it has closed financing with Santander Corporate & Investment Banking (Santander CIB) and the European Investment Fund (EIF), securing a significant debt facility to boost growth. This collaboration reinforces NORNORM's commitment to driving sustainable growth and innovation in the furniture subscription industry while advancing circular economy initiatives.
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.
Santander CIB spearheaded the debt financing round while the EIF played a crucial role in supporting NORNORM's growth by providing financial backing.
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 Steenhouwer 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.
Read the full press release: https://lnkd.in/dJ3Eg5QF