Nornorm Secures SEK 500 Million Loan from Santander among others

Santander is one of the financers helping Normnorm secure their financing. EIF (European Investment Fund is also a party in the lending. Photo: @orangetiephotography

Impact Loop reported on June 27, 2024, that Nornorm has secured SEK 500 million in financing. Santander and the European Investment Fund (EIF) are providing the loan.

Emil Steenhouwer, Nornorm’s CFO, believes this could inspire other circular businesses to seek similar funding.

Circular business models emphasize reuse and leasing over sales. Nornorm charges a monthly fee per square meter of office space. This reduces the need for large upfront investments. Furniture from brands like Hay, Martela, and Herman Miller is refurbished and reused.

Founded in 2020 by ex-Ikea executive Anders Jepsen and ex-Skype employee Jonas Kjellberg, Nornorm is based in Copenhagen. The company operates in several European cities with clients such as Wolt, Electrolux, and Klarna.

Nornorm initially received backing from Ikea but now also has support from investors like Carl-Johan Persson’s Phillian and Verdane.

Steenhouwer noted the rarity of large banks financing circular models. He hopes this can lead to significant market growth. Despite not being profitable yet, Nornorm's revenue grew by 105% in 2023 to EUR 10.5 million.

The company plans to expand further in Europe and eventually enter the U.S. market.

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