The Ikea-backed company’s business model is based on circularity, with furniture pieces that are no longer needed being refurbished and reused.

Nornorm has received €50m to scale up its furniture-as-a-service model from all of its existing investors, including Norwegian private equity firm Verdane, Banco Santander, Inter IKEA, the global franchiser of the Swedish furniture brand, and Philian AB, the private investment company of Swedish entrepreneur Karl-Johan Persson, the chairman of fashion giant H&M.

Close to 11 million tonnes of furniture is thrown out each year in Europe, with around 10% going to recycling while the remainder is incinerated or sent to landfill, according to the European Federation of Furniture Manufacturers.

Nornorm’s business model is based on circularity, with furniture pieces that are no longer needed being refurbished and reused. This closed-loop system not onlyextends the lifespan of furniture but also cuts CO2 emissions by up to 70% by reducing waste in the workplace, according to Nornorm.