Verdane banks on sustainable furniture future with Nornorm investment | AltAssets Private Equity News
Summary
Click to sign up to AltAssets’ free daily PE newsletter Denamrk-based Nornorm provides furniture through a subscription model, and aims to increasing furniture’s lifetime by three times through periodic service and maintenance. All industries will be affected, and to survive and thrive business leaders have to be prepared to change. The circular movement will have a bigger impact on industries than the Internet revolution.” Verdane partner Erik Osmundsen added, “Nornorm is well loved by the world’s most innovative businesses, who know that reducing their own carbon footprints is a key part of solving the climate crisis. “A systemic shift from single use to circular is needed across the economy; this is a key investment thesis for Verdane. “Given most office furniture still ends up in a landfill, this would be a significant step change for the circular economy.” Verdane made the investment through its Idun fund, which it closed on its €300m hard cap at the start of this year, making it the largest growth impact fund in Europe.