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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.
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.
🏦 Europe’s largest bank doubles down on Work Cafés
Banco Santander is accelerating the transformation of its retail branches into Work Cafés – which Expand 👇 combine banking services, coworking space and cafés.
As of 2024, they operate 239 such cafés, including 92 in Spain, and others in Argentina, Chile, Mexico, Brazil, Portugal, Poland, the United Kingdom, and the United States.
Banco Santander is accelerating the transformation of its retail branches into Work Cafés – which Expand 👇 combine banking services, coworking space and cafés.
As of 2024, they operate 239 such cafés, including 92 in Spain, and others in Argentina, Chile, Mexico, Brazil, Portugal, Poland, the United Kingdom, and the United States.
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