INDEX / DIRECTORY / SURFSHARK / ECONOMIC

Surfshark ECONOMIC

ECONOMIC AUDIT UPDATED 2026-06-17
Economic Score 0.62 /10 E Surfshark - BDS-1000 39
Economic 0.62

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

Surfshark - Economic Audit

Economic Forensics: Commercial, Financial & Supply Chain Footprint re: Israeli Economy & Occupied Territories

Audit scope: Surfshark B.V. (Dutch entity; subsidiary of Cyberspace B.V. / Nord Security group) Research basis: Three rounds of adaptive open-source research; no new searches executed for this synthesis

Supply Chain & Sourcing Relationships

Surfshark is a consumer VPN software service; it does not procure physical goods, agricultural products, food, or commodities 1. No supply chain of the kind contemplated by this sub-section applies.

Direct Supplier Relationships: Not applicable. Surfshark’s business model is subscription-based VPN software. No agricultural aggregator, exporter, or goods supplier relationships exist. Surfshark’s server infrastructure involves colocation services, addressed under the Investment, Capital & Financial Exposure section below.

Importer of Record Structure: Surfshark B.V. is a Dutch-incorporated entity (KvK 81967985, Kabelweg 57, Amsterdam) with no identified Israeli subsidiary or import intermediary 21.

Seasonal Sourcing Patterns: No public evidence identified. No physical goods procurement cycles apply to Surfshark’s software-delivery model.

Third-Party & Indirect Sourcing: Surfshark’s payment processing involves Cardpay Ltd. (Cyprus) and cryptocurrency processor CoinGate for crypto subscriptions; neither is Israeli-registered 3.

Product Origin, Labeling & Regulatory Compliance

Surfshark is a software service. Country-of-origin labeling regulations do not apply to VPN subscription products.

Settlement-Origin Products: Not applicable. Surfshark does not manufacture, warehouse, or distribute physical goods that could bear settlement-origin labeling.

Labeling Compliance: Not applicable. Surfshark’s product is delivered digitally; no origin-labeling framework governs VPN subscription services.

Corporate Labeling Policy: Surfshark has no publicly stated policy on goods from occupied or contested territories, consistent with its non-physical-goods business model. No public evidence identified 1.

Investment, Capital & Financial Exposure

Foreign Direct Investment

Nord Security has no identified Israeli entity registration, R&D centre, data centre, or logistics hub in Israel 45. The Israeli Companies Registrar returned zero entries for Surfshark, Nord Security, or Cyberspace B.V. Surfshark has no Preferred Technology Enterprise status or Israeli Innovation Authority grantee participation 45.

Surfshark operates approximately 8 VPN servers in Tel Aviv, Israel, marketed on its website as “RAM-only” with protocols Dausos, WireGuard (post-quantum), IKEv2, and OpenVPN 6. The servers are operated under Surfshark’s sole ASN AS209854, registered to CyberZone S.A. (Panama) 78.

The specific Israeli data-centre operator hosting Surfshark’s Tel Aviv servers is not publicly confirmed. BGP routing data for AS209854 shows 10 peers: Datacamp Limited (UK), PacketHub S.A. (Panama/Australia), M247 Europe SRL (Romania/UK), Cogent Communications (US), EDGOO Networks (Portugal), Hydra Communications (UK), Host Universal (Australia), HostingInside (Taiwan), and COLT Technology Services (UK). No Israeli data-centre operator (Bezeq International, MedOne, or EdgeConneX) appears in AS209854’s BGP peer list 8.

Surfshark’s Israeli server IPs are not mapped to a specific Israeli building via ASN-level evidence. The IP range 31.169.120.0/24 is registered to CyberZone S.A. (Panama); BGP looking glass does not show an Israeli carrier prefix 78. Surfshark’s Israeli servers may be virtualized or routed rather than physically co-located in Israeli facilities.

Surfshark acquired Ironwall by Incogni in January 2024, an Orange, CA-based personal data removal service focused on high-risk individuals including government officials, judges, and doctors. The acquisition target is US-registered; no Israeli nexus identified 9.

Nord Security merged with Atlas VPN in October 2021 (prior to the Surfshark merger); Atlas VPN was subsequently shut down in 2024. Atlas VPN had no identified Israeli operations 10.

R&D & Innovation Centres

No R&D facility, technology lab, innovation office, or accelerator programme operated by Surfshark or Nord Security within Israeli territory has been identified 1. Surfshark’s About page lists offices in Vilnius/Kaunas (Lithuania), Warsaw (Poland), Berlin (Germany), and Amsterdam (Netherlands). No Israeli office is listed 1.

Surfshark’s Head of Infrastructure (Martynas Sklizmantas) and Chief Security Officer (Tomas Stamulis) are based in Lithuania, per Surfshark’s About page 1.

Parent & Beneficial Ownership Flows

Surfshark B.V. is a 100% subsidiary of Cyberspace B.V. (Dutch holding company), confirmed via PitchBook and Wikipedia 29. Surfshark B.V. does not publicly disclose its specific equity allocation within Cyberspace B.V. 11.

Cyberspace B.V. is the ultimate parent of both Surfshark B.V. and Nord Security s.a. (Luxembourg), created via the February 2022 merger. The transaction was structured as an all-equity exchange with no cash consideration; specific share ratios are undisclosed 121314.

Vytautas Kaziūkonis (Surfshark founder) transitioned to Chairman of the Board post-merger. Surfshark’s About page lists Dovydas Godelis as current CEO. Kaziūkonis’s current equity stake in Surfshark B.V. or Cyberspace B.V. is not publicly disclosed 111.

Nord Security co-founders Tom Okman and Eimantas Sabaliauskas control more than 80% of Nord Security’s voting shares and lead the board of directors as co-CEOs, per S&P Global Ratings (2025) 15.

Nord Security board members include Birgir Ragnarsson (Novator partner) and Chandler Reedy (Warburg Pincus managing director) 1617. Vince Steckler (former Avast CEO) served as first independent board member from May 2021 17.

Nord Security advisors include Troy Hunt (HaveIBeenPwned), Tammarrian Rogers (Microsoft alumnus, Snap Inc.), Tanya Janca (We Hack Purple), and Rytis Vitkauskas (Lightspeed Venture Partners) 17.

Novator Ventures (lead investor, April 2022 $100M round) is an Icelandic private equity and growth firm founded by Thor Björgólfsson. Its disclosed portfolio contains no Israeli-domiciled or Israeli defence entities 18.

Warburg Pincus (lead investor, September 2023 $100M round) holds disclosed cybersecurity portfolio positions in Aura, BitSight, Contrast Security, Crowdstrike, eSentire, and Zimperium 16. Zimperium is Israeli-founded and Tel Aviv-headquartered (mobile threat defense) 19. Warburg Pincus participated in Zimperium’s June 2016 Series C ($25M led round) and fully exited via Liberty Strategic Capital’s approximately $525M controlling acquisition in March 2022 201921. Warburg Pincus has no current Israeli cybersecurity investment via its disclosed Surfshark-related portfolio.

General Catalyst (April 2022 round co-investor) explicitly backs Anduril, Helsing, Castelion, Vannevar Labs, and ICEYE (Finland). No Israeli-domiciled entity appears in its disclosed portfolio 22.

Burda Principal Investments (co-investor in both rounds) portfolio contains no Israeli entities 22.

Vektor Partners (California VC) is listed by CB Insights as a Surfshark investor; its portfolio and Israeli exposure were not researched in available rounds.

Portfolio & Fund Exposure

No public evidence identifies Surfshark, Nord Security, or Cyberspace B.V. as holding Israeli sovereign bonds, Israel Bonds, or Israeli-domiciled equity positions. The Fitch Ratings October 2025 report on Nord Security’s $550M Term Loan B lists no Israeli sovereign or settlement-active holdings 23.

No material asset-management holdings in OHCHR-listed settlement companies or Israeli arms manufacturers have been identified for Surfshark or Nord Security 4.

Operational Presence & Market Activity

Physical Footprint

Surfshark maintains no identified office, warehouse, or retail location in Israel. Surfshark’s About page lists four office locations: Vilnius/Kaunas (Lithuania), Warsaw (Poland), Berlin (Germany), and Amsterdam (Netherlands) 1. The Israeli Companies Registrar returned zero Surfshark or Nord Security entries. No Israeli registered agent or statutory address has been identified 4.

Surfshark operates approximately 8 VPN servers in Tel Aviv as a network service point, distinct from a corporate physical footprint. These are addressed under the Investment, Capital & Financial Exposure section above.

Employment & Tax Contribution

Surfshark employs 500+ people globally, with 76% of Nord Security’s approximately 2,000 employees based in Lithuania (approximately 1,520 staff), per Fitch Ratings October 2025 23. Revelo Labs (December 2025) reports 582 total Surfshark employees 24.

No Surfshark employee with Israel as current location has been identified via LinkedIn. One Surfshark employee (Dana Kitman, Country Marketing Manager, Germany) shows Hebrew language proficiency but no Israeli workplace 1.

No Israeli tax registration, payroll, or social-security contribution has been identified for Surfshark. No Israeli TIN or CRS/FATCA disclosure linking Surfshark to Israeli tax authority has been found.

Market Positioning

Surfshark does not characterise Israel as a significant market in its annual reports, investor presentations, or press releases. No investor presentation, annual report, or press release describing Israel as a strategic growth market, regional hub, or major revenue source has been identified 125.

Israel appears only as a VPN server location on Surfshark’s website, consistent with serving Israeli customers rather than Israeli-market operations 6.

Corporate Structure & Foundational Ties

Founding & Incorporation History

Surfshark was founded in Lithuania (2018) by Vytautas Kaziūkonis. Surfshark B.V. was later incorporated in the Netherlands for the European market. Surfshark is not an Israeli-origin entity 213.

Surfshark was not acquired from Israeli founders. It was a Lithuanian-origin company that merged with Nord Security (also Lithuania-origin) in February 2022 1213.

Headquarters & Domicile

Surfshark B.V. is Dutch-incorporated (KvK 81967985), located at Kabelweg 57, 1014BA Amsterdam, Netherlands, with VAT NL862287339B01 21.

Cyberspace B.V. is the Dutch ultimate parent holding company, created February 2022 213.

Nord Security s.a. is the Luxembourg-domiciled operational entity for NordVPN brands 26.

No dual or legacy headquarters in Israel has been identified.

State & Institutional Linkages

No state ownership stake in Surfshark or Nord Security has been identified. No government board appointee, government contract, or critical national infrastructure designation has been found 12315.

Surfshark joined the UN Global Compact in January 2023, confirmed via Surfshark’s Annual Wrap-Up 2024. Surfshark also sponsors Access Now RightsCon (Taiwan 2025), EDRi Privacy Camp, International Press Institute, and NetBlocks 25.

Structural Governance Features

No governance mechanism (golden shares, founder shares, or charter restrictions) structurally tying Surfshark to the Israeli state has been identified. Nord Security’s co-founders hold more than 80% voting control per S&P Global, with Novator and Warburg Pincus as minority investors 15. No Israeli-state governance feature is present.

Profit Repatriation & Economic Contribution

Surfshark has disclosed no revenue attributed specifically to Israel as a market. No annual report, investor presentation, or regulatory filing breaks out Israeli market revenue 125.

The direction of profit flows is consistent with repatriation from Dutch entity to the Nord Security group. Surfshark B.V. is Dutch-incorporated; Cyberspace B.V. is Dutch-domiciled. No Israeli-domiciled profit-pooling vehicle has been identified 21.

Nord Security’s EBITDA was approximately €200–250M (2024 estimated), per Fitch Ratings October 2025 23. Surfshark’s individual revenue contribution is not disclosed.

Surfshark is not characterised as a sector anchor, key employer, or infrastructure provider within the Israeli economy. No Israeli government designation, industry report, or regulatory filing characterises Surfshark’s significance to any Israeli economic sector 1.

Authoritative Database Checks

UN OHCHR Settlement Database (HRC res. 31/36/53/25; September 2025, 158 companies): Neither Surfshark B.V., Nord Security, nor Cyberspace B.V. appears 4.

UN A/HRC/59/23 “From economy of occupation to economy of genocide” (Albanese, 2 July 2025): Surfshark and Nord Security are not named in the sections checked (settlement construction and real estate, natural resources and energy, agribusiness, global retail, occupation tourism, and finance) 4. The VPN and privacy-tech sector is not covered in those paragraphs.

DBIO Don’t Buy Into Occupation 2024 and 2025 (104 companies, November 2025): Surfshark, Nord Security, and Cyberspace B.V. are not listed 27.

Who Profits Research Center database: Searched by company name; zero results returned for Surfshark, Nord Security, Novator, or Cyberspace B.V. 28.

PAX “Companies Arming Israel and Their Financiers” (June 2024): The financier matrix does not name Nord Security, Surfshark, Novator, Warburg Pincus (current), General Catalyst, or Burda 29.

Israeli Companies Registrar: Zero entries returned for Surfshark, Nord Security, or Cyberspace B.V. 4.

Israeli Innovation Authority (Preferred Technology Enterprise grantee lists): No Nord Security or Surfshark entry identified 5.

End Notes

Footnotes

  1. https://surfshark.com/about-us ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15

  2. https://en.wikipedia.org/wiki/Surfshark_B.V. ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  3. https://vpnalert.com/guides/surfshark-payment-options ↩

  4. https://www.ohchr.org/en/business/bhr-database ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  5. https://taxsummaries.pwc.com/israel/corporate/tax-credits-and-incentives ↩ ↩2 ↩3

  6. https://surfshark.com/servers/israel ↩ ↩2

  7. https://codamail.com/articles/vpn_exposed.html ↩ ↩2

  8. https://bgp.he.net/AS209854 ↩ ↩2 ↩3

  9. https://pitchbook.com/profiles/company/434873-53 ↩ ↩2

  10. https://nordsecurity.com/blog/nord-security-raises-outside-capital-16-B-valuation ↩

  11. https://champsignal.com/ownership/surfshark.com ↩ ↩2

  12. https://surfshark.com/blog/surfshark-merges-with-nord-security ↩ ↩2

  13. https://uk.pcmag.com/vpn/138489/nordvpns-parent-company-is-merging-with-vpn-provider-surfshark ↩ ↩2 ↩3 ↩4

  14. https://www.prnewswire.com/news-releases/nord-security-surfshark-merger-301475603.html ↩

  15. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3436871 ↩ ↩2 ↩3

  16. https://warburgpincus.com/2023/09/28/nord-security-raised-another-100m-investment-round ↩ ↩2

  17. https://nordsecurity.com/blog/vince-steckler-joins-nord-security-as-its-first-independent-board-member ↩ ↩2 ↩3

  18. https://novator.lu/portfolio ↩

  19. https://zimperium.com/resources/press-releases/press-zimperium-closes-25million-series-c-warburg-pincus ↩ ↩2

  20. https://zimperium.com/resources/press-releases/zimperium-acquired-by-liberty-strategic-capital ↩

  21. https://libertycapitallp.com/wp-content/uploads/2022/03/LSC-Zimperium_Press-Release.pdf ↩

  22. https://www.burdaprincipalinvestments.com/2023/10/04/nord-passes-3bn-valuation ↩ ↩2

  23. https://www.fitchratings.com/research/corporate-finance/fitch-assigns-nord-security-new-usd550-million-term-loan-final-bb-rating-27-10-2025 ↩ ↩2 ↩3 ↩4

  24. https://reveliolabs.com/companies/surfshark/employees ↩

  25. https://surfshark.com/media/Surfshark_Annual_Wrap-Up_2024.pdf ↩ ↩2 ↩3

  26. https://en.wikipedia.org/wiki/NordVPN ↩

  27. https://banktrack.org/event/report_launch_dont_buy_into_occupation_2025 ↩

  28. https://whoprofits.org/companies ↩

  29. https://paxforpeace.nl/publications/the-companies-arming-israel-and-their-financiers ↩