INDEX / DIRECTORY / MULLVAD VPN / ECONOMIC

Mullvad VPN ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-09
Economic Score 0.32 /10 E Mullvad VPN - BDS-1000 157
Economic 0.32

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Supply Chain & Sourcing Relationships

Mullvad’s disclosed resale channels include Amazon marketplaces and named resellers in Sweden, Germany, Austria, and the Netherlands: Inet, Webhallen, ProxyStore, MySecure Space/SerialCart, and Laptop with Linux 1.

The reseller disclosure reviewed does not list an Israel-based reseller or distributor 1.

No public evidence identified of Israeli agricultural sourcing, an Israel-related importer-of-record entity, or seasonal or third-party product procurement in the reviewed company disclosures 1.

The reseller disclosures describe a VPN service and resale channels rather than a physical-goods supply chain; the separately reviewed official country-filtered server list identifies DataPacket as the provider of three rented Tel Aviv VPN servers 2, 1, 3.

Product Origin, Labeling & Regulatory Compliance

Mullvad identifies Mullvad VPN AB as the legal entity operating the service and publishes a Gothenburg, Sweden postal address 4.

Mullvad’s public materials describe Sweden as the jurisdiction in which it is based 2.

The reviewed sources do not identify a physical consumer product made by Mullvad, an Israeli country-of-origin label, Israeli product certification, or an Israeli import or customs arrangement 2, 4, 5.

No public evidence identified of Israeli regulatory registrations, Israeli tax or preferred-enterprise status, or Israeli critical-infrastructure designation for Mullvad VPN AB or Amagicom AB 2, 4, 5.

The available registry-derived listing reports Mullvad VPN AB under Swedish organisation number 559238-4001 and gives an address in Göteborg, although underlying official registry extracts and annual accounts were not obtained in the research scope 6.

Investment, Capital & Financial Exposure

Mullvad states that Mullvad VPN AB is a subsidiary of Amagicom AB and that both entities are 100% owned by founders Fredrik Strömberg and Daniel Berntsson 2, 5.

In a 2021 owner-authored statement, the founders described themselves as the sole shareholders, each holding 50%, and said the business had grown without outside investment, venture capital, or a public listing 7.

No public evidence identified of Israeli subsidiaries, Israeli portfolio investments, Israeli sovereign bonds, Israel-focused funds, Israeli research-and-development facilities, or Israeli acquisitions by Mullvad, Amagicom, or the named founders within the bounded research 2, 5.

The supplied document-scoped review found no mention of Mullvad in the 2025 UN report A/HRC/59/23 or the September 2025 OHCHR update concerning businesses involved in Israeli settlements, which does not establish database-wide or real-world absence 8, 9.

The supplied document-scoped review also found no mention of Mullvad in the BDS Movement’s 2024 boycott guide or KLP’s 30 June 2024 exclusion-and-dialogue list, which likewise does not establish an absence of activity or exposure outside those materials 10, 11.

A registry-derived company-data listing reports 2024 turnover for Mullvad VPN AB of SEK 314.810 million and 44 employees, but these figures were not corroborated by an annual report obtained in the research scope 6.

Operational Presence & Market Activity

Mullvad’s live server page reported 563 servers across 50 countries and 91 cities when accessed on 9 September 2026 12.

The initial unfiltered page extract omitted later country entries. A direct review of the official Israel-filtered server page on 9 September 2026 identifies three rented DataPacket servers in Tel Aviv: il-tlv-wg-101, il-tlv-wg-102, and il-tlv-wg-103, each listed at 10 Gbps 3. Mullvad states that its listed servers are physically located where shown and that it does not use virtual locations 13.

This establishes a current rented infrastructure presence in Israel. The reviewed disclosures do not establish rental expenditure, Israeli revenue, a locally incorporated Mullvad entity, tax payments, ownership of a data centre, or a government or military end user 3, 13.

No public evidence identified of a Mullvad office, support centre, warehouse, retail location, workforce, tax registration, or market-positioning statement in Israel 2, 4, 1, 12.

No public evidence identified of an Israeli government, Israel Defense Forces, or Israeli Ministry of Defense contract in the reviewed sources 2, 4, 5.

No public evidence identified of settlement-facing operations, sales, service points, resellers, or other activity in the West Bank, East Jerusalem, or the Golan Heights in the reviewed materials 8, 9, 1, 12.

Historical infrastructure records were not retrieved, and unverified search-snippet references to historic Tel Aviv VPN servers were not treated as evidence 12.

Corporate Structure & Foundational Ties

Mullvad identifies Fredrik Strömberg and Daniel Berntsson as its founders and owners 2.

The founders’ 2021 statement says they began building the organisation in summer 2008 7.

PETS Symposium’s 2026 biography identifies Strömberg as Mullvad co-CEO and Head of Research of the Amagicom group, and describes that group as including Mullvad VPN, Tillitis, and Glasklar Teknik 14.

That biography supports group affiliation but does not establish legal ownership percentages or subsidiary status for Tillitis and Glasklar Teknik 14.

A registry-derived listing identifies Amagicom AB as Swedish organisation number 556783-9807, registered in 2009 at Engelbrektsgatan 28 in Göteborg, and reports seven subsidiaries 15.

The specific identities and ownership percentages of the seven reported subsidiaries were not established from an underlying official registry extract 15.

No public evidence identified that Mullvad was founded in Israel, is Israel-headquartered or Israel-tax-resident, has Israeli state ownership or board appointees, or has structural governance links to the Israeli state 2, 5, 7.

Profit Repatriation & Economic Contribution

Mullvad’s disclosures place its operating entity, parent company, and named founders within a Swedish corporate structure 2, 4, 5, 7.

The registry-derived listing reports Swedish registration and Göteborg address details for Mullvad VPN AB, while the parent listing reports a Göteborg address for Amagicom AB 6, 15.

No public evidence identified of Israel-specific revenue disclosure, Israeli profit repatriation, Israeli dividends, Israeli tax payments, or economic contribution through an Israeli subsidiary or operating establishment 2, 4, 5.

The reviewed sources do not provide audited accounts, consolidated accounts, transfer-pricing disclosures, dividend records, tax filings, or a complete intercompany structure sufficient to trace the destination of profits 5, 6, 15.

Footnotes

  1. https://mullvad.net/en/help/partnerships-and-resellers ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  2. https://mullvad.net/en/about ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  3. https://mullvad.net/en/servers?country=il ↩ ↩2 ↩3

  4. https://mullvad.net/en/press ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  5. https://mullvad.net/en/policies ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  6. https://www.allabolag.se/s%C3%B6k-p%C3%A5-f%C3%B6retagsnamn?q=vpn ↩ ↩2 ↩3 ↩4

  7. https://mullvad.net/en/blog/2021/9/16/ownership-and-future-mullvad-vpn ↩ ↩2 ↩3 ↩4

  8. https://docs.un.org/en/A/HRC/59/23 ↩ ↩2

  9. https://www.ohchr.org/en/press-releases/2025/09/un-human-rights-office-updates-database-businesses-involved-israeli ↩ ↩2

  10. https://bdsmovement.net/Guide-to-BDS-Boycott ↩

  11. https://www.klp.no/en/corporate-responsibility-and-responsible-investments/exclusion-and-dialogue ↩

  12. https://mullvad.net/en/servers ↩ ↩2 ↩3 ↩4

  13. https://mullvad.net/en/help/server-list ↩ ↩2

  14. https://petsymposium.org/2026/keynote.php ↩ ↩2

  15. https://www.allabolag.se/foretag/amagicom-ab/g%C3%B6teborg/video-film-inspelning-produktion/2K2Y4OVI5YIK9 ↩ ↩2 ↩3 ↩4