CPE News (10.21.2022) – Entreprises Nolk Inc. has raised $30 million in Series A funding led by Fonds de solidarité FTQ, with participation from Fondaction, Export Development Canada (EDC), Panache Ventures, and private investors.
Funding was mainly allocated to the acquisitions of Ergonofis and Opposite Wall, with a small portion going to continued investments in technology and working capital.
With the closing of the Series A, Guillaume Racine, Nicolas Tremblay, Yohan Beaulieu, Dan Mucha have joined the expanded board which also includes Alexandre Renaud, co-founder and CEO.
Founded in 2017 with the mission to help the modern household find and use design centric, sustainable products, Saint-Bruno-de-Montarville, Québec based Nolk has seen rapid growth over the past few years. Today, its portfolio includes 11 complementary brands, seven of which are in the house goods segment.
photo credit: Nolk
Nolk raises $30M from the Fonds de solidarité FTQ, Fondaction, EDC, and Panache Ventures to accelerate the growth of its brand portfolio through acquisitions
Nolk also completes the acquisition of house goods brands Ergonofis and Opposite Wall
MONTREAL, Oct. 21, 2022 /CNW Telbec/ – Nolk, a Montreal-based group focused on helping sustainable direct-to-consumer businesses thrive, has raised $30M CAD in a Series A funding round led by the Fonds de solidarité FTQ, with participation from Fondaction, EDC, Panache Ventures, and private investors. The capital will mainly be allocated to acquisitions, with a small portion going to continued investments in technology and working capital.
Launched in 2018 with the mission to help the modern household find and use design centric, sustainable products, Nolk has seen rapid growth over the past few years. Today, its portfolio includes 11 complementary brands, seven of which are in the house goods segment. It relies on its advanced technologies, innovative acquisition techniques, data science, and operational expertise to propel its brands to rapid growth. To this end, Nolk has developed GeniusWire, a proprietary data platform that supports discovery and growth through unprecedented performance metrics and analytical insights.
Investing in Nolk’s vision and ESG values
Being an impact-driven company with strong ESG values, it was critical to Nolk to partner with investors who understand and share its unique vision. With the Fonds de solidarité FTQ, Fondaction, EDC, and Panache Ventures, Nolk is supported by mission-driven funds who prioritize sustainability, value creation, and helping Canadian companies thrive in a global economy.
“Nolk is a dynamic and visionary company with solid ESG values. Through its e-commerce model, Nolk gives a second wind into the products of local and overseas companies. With the Fonds’s investment, Nolk will have the capacity to invest in new companies to develop its market and its growth,” explained Dany Pelletier, Executive Vice-President, Private Equity and Impact Investing at the Fonds de solidarité FTQ.
A house goods portfolio strengthened by the acquisition of Ergonofis and Opposite Wall
In pursuit of brands that promote conscious consumption, Nolk has recently acquired Ergonofis and Opposite Wall, two companies with solid ESG values. Ergonofis develops well-designed, durable office products that improve their customers’ health and productivity, and Opposite Wall designs home decor products in accordance with the latest sustainability standards.
The brands stand to benefit from Nolk’s umbrella structure of shared resources and a common technological base, which will support existing teams as they automate operations and scale sales.
“We are thrilled to welcome Ergonofis and Opposite Wall into the Nolk family of brands. Their vision is perfectly aligned with our mission to help the modern household find and use design-centric, sustainable products,” said Alexandre Renaud, Co-Founder and CEO of Nolk. “Our model centers the entrepreneurs at the heart of the brands we acquire, enabling them to grow their businesses with the support of mutualized, stronger tools and systems.”
Existing leadership from Ergonofis and Opposite Wall will continue to spearhead the brands. Sam Finn, Co-Founder and CEO, and Kim Pondbriand, Co-Founder and CMO, will remain in their positions at Ergonofis, while Erik Rydingsvard will remain CEO of Opposite Wall, helping to expand the business across North America.
“I’ve always believed that surrounding yourself with amazing people helps amplify your results and achieve your vision faster. We’re thrilled to announce our joining Nolk, a group that shares our vision for a better future and one in which companies are held responsible for improving our planet,” said Sam Finn, Co-Founder and CEO of Ergonofis.
“nolk’s decentralized approach and shared services model was what we needed for that next phase of development. As we grow, so does the complexity of everything. Nolk enabled us to grow bigger but keep the entrepreneurial spirit,” added Erik Rydingsvard, CEO of Opposite Wall.
Launched in 2018 by experienced entrepreneurs, Nolk strives to help the modern household find and use beautiful, sustainable products through a portfolio of appealing environmentally conscious brands, proprietary technology to support their growth, and group synergies. Nolk owns and operates 11 brands, including Ergonofis, Opposite Wall, Kana, Rachel, Wolf & Grizzly, Loctote, Freakmount, GoGreenBags, Corretto, Arctic Tumblers and Proper Pour.
The fast-growing company is headquartered in St-Bruno-de-Montarville, QC., with a global supply chain. To learn more, visit nolk.com.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channeling the savings of its 748,371 shareholders into development and risk capital investments to help Québec transition to a green economy, a people-centred world of work, and a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.4 billion in net assets as of May 31, 2022, the Fonds has supported 3,620 partner companies and 296,927 jobs. For more information on Fonds de solidarité FTQ, visit fondsftq.com.
A forerunner in sustainable finance for the past 25 years, Fondaction brings together individuals that are mobilizing for the positive transformation of society, taking action to make Québec’s economy more equitable, inclusive, green and successful. As a labour sponsored fund, Fondaction represents tens of thousands of savers and hundreds of companies committed to helping Québec progress. It manages net assets of more than $3,11 billion invested in hundreds of businesses and in financial markets, prioritizing investments that generate positive economic, social and environmental impacts in addition to a financial return. Fondaction helps create and maintain quality jobs, reduce inequalities and fight climate change. For more information, go to fondaction.com or our LinkedIn page.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
Founded by Samuel Finn and Kimberley Pontbriand with the objective of making work a better place, Ergonofis offers a full range of high-quality office furniture and accessories, thoughtfully designed with care for the environment. As a B Corp certified company, they strive to support the local economy and to maintain the highest quality standards. The vast majority of Ergonofis’ products are built locally in Canada.
About Opposite Wall
Opposite Wall is a home decor and design studio based in Montreal, Canada. We believe our homes are the extension of our lives. They should reflect our personalities, bring us comfort and spark inspiration. Opposite Wall offers a wide selection of art prints, oak and metal frames, wallpapers, decals and accessories (mats, letter boards and wall shelves), all with unique designs and fair prices. In total, more than 2000 posters are available on the online store, with an average of 2 new art collections added per month. As part of its partnership with ‘1% for the Planet’, Opposite Wall donates 1% of its revenue each year to the ‘One Tree Planted’ association, which supports reforestation projects in Canada.
SOURCE Fonds de solidarité FTQ
For further information: Press contact: Frédérique Lavoie-Gagamache, Advisor, Media Relations, Fonds de solidarité FTQ, Phone: 438 364-1596, Email: firstname.lastname@example.org