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🛋️ IKEA-backed circular-economy furniture rental startup raises €50M
Danish-Swedish furniture-as-a-service company NORNORM secured €50M in mixed equity and debt from Expand 👇 existing investors including Inter IKEA, Verdane, Banco Santander, and Philian Invest (H&M heir Karl-Johan Persson’s investment vehicle), bringing total capital raised to €170M. Founded in 2020 by former IKEA executive Anders Munk Jepsen and Skype co-creator Jonas Kjellberg, Nornorm rents office furniture to businesses on flexible subscription basis with six-month cancellation notice, focusing on easily refurbished pieces sent to warehouses for repair and re-rental.
The company more than doubled revenue in 2024 from €1.47M to €3.11M and achieved profitability for the first time, operating a circular business model where reuse and refurbishment directly improve margins rather than encouraging higher material consumption.
🗞 Week 41, 2025
🔗 Direct Link
📰 News & Views
⏱ 290 days ago.
📉 Florida eliminates commercial lease tax effective October 2025
Florida Governor Ron DeSantis signed House Bill 7031 on June 30, 2025, eliminating both state and Expand 👇 local sales tax on commercial property leases effective October 1, 2025, making Florida the last state in the U.S. to end this tax category. The repeal removes the combined 3%-3.5% tax burden (2% state rate plus 0.5%-1.5% local surtax) on office, retail, industrial, and warehouse space that has existed since 1969, saving commercial tenants $2.5B annually while costing the state approximately $1B in sales tax revenue. The tax applies based on occupancy period rather than payment date, with rent for periods after October 1 exempt from tax even if paid earlier, though short-term residential rentals under six months and vehicle/boat/aircraft storage remain taxable under separate statutes.
The elimination represents Florida’s first statewide tax repeal since the intangibles tax ended in 2006 and is expected to reduce occupancy costs for coworking operators, flexible workspace providers, and all commercial tenants statewide.
🗞 Week 41, 2025
🔗 Direct Link
📰 News & Views
⏱ 290 days ago.

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