Mullvad is owned by its two founders through Amagicom AB
Mullvad is run by Mullvad VPN AB (559238-4001), registered in Sweden.
Company
- Registered in
- Sweden
- Address
- Box 53049, 400 14 Gothenburg, Sweden
- Related brands
- Mullvad Browser
The company behind the Mullvad VPN service is Mullvad VPN AB, registered in Sweden at a P.O. box in Gothenburg. Its parent is Amagicom AB, and the chain ends with the founders: Fredrik Strömberg and Daniel Berntsson hold every share of both firms. No venture fund, VPN conglomerate or stock exchange stands behind them.
Mullvad VPN AB and its parent Amagicom AB
Two legal names matter. Mullvad VPN AB (registration number 559238-4001) operates the VPN, bills you and signs the customer terms. Amagicom AB owns it. The name traces back to "ama-gi", a Sumerian word considered the oldest written term for freedom, with "com" added so it reads as free communication; Mullvad's About page gives this origin and confirms that the founders own both companies.
| Entity | Role | Who holds it |
|---|---|---|
| Mullvad VPN AB | Operates the VPN, party to the contract | Amagicom AB |
| Amagicom AB | Parent company | Strömberg and Berntsson, 50% each |
The two founders and how the shares are split
Work on the organisation started in the summer of 2008; the VPN itself launched in March 2009. Both founders stayed inside the business instead of stepping back, and Strömberg serves as co-CEO as of 2026. The owners issue a governing document for the board (an owner's directive, not a filing with any authority), and Mullvad's version fixes the fifty-fifty split and states that no new share issue or extra capital is foreseen. The same document spells out the vision: making censorship and mass surveillance impractical, an investment horizon the founders describe as planting trees whose shade they will never sit in, and a requirement of honesty from the board and CEO, marketing included.
Why Mullvad takes no outside money
The founders laid out their reasoning in a blog post about ownership and where Mullvad is headed: venture capital and a listing would create pressure to exit, so both are off the table. They also report having turned down several serious acquisition and investment offers. Revenue comes straight from subscribers: one plan at a flat €5 per month on every term, no sales, no affiliate programme paying review sites. Because subscriber money alone funds the company, the owners answer to nobody else.
What else the owners run, and who only uses the network
The same people build Mullvad Browser, a free browser released in April 2023 together with the Tor Project, the Leta search engine (June 2023) and a public DNS resolver (beta since February 2021).
| Product or partner | Link to Mullvad |
|---|---|
| Mullvad Browser | Built by Mullvad with the Tor Project |
| Leta | Mullvad's own search engine |
| Public DNS | Mullvad's own resolver |
| Mozilla VPN | Uses the server network under a partnership, separate owner |
| Tailscale | Partnership since September 2023, no ownership |
The Mozilla row trips people up. Mozilla VPN runs its app on Mullvad's servers, yet neither side owns the other; the partnership dates back to July 2019.
Swedish registration and what it means for users
Swedish law and GDPR govern the service, with complaints going to the regulator IMY. Sweden sits inside the 14 Eyes intelligence alliance, which costs points in privacy scoring; on VPNRadarLab the service scores 4.78 of 10 and ranks 13th overall, first among six VPNs registered in Sweden. A real test came in April 2023, when police arrived at the Gothenburg office with a warrant to seize computers holding customer data. Mullvad's blog records the outcome: no such data existed on site, and the officers left empty-handed.
Mullvad ownership FAQ
Is Mullvad owned by a larger VPN company?
There are no outside shareholders. Both firms belong entirely to the two founders; our list of VPN owners shows who stands behind other services.
Does Mullvad own Mozilla VPN?
No. Mozilla is a partner that uses the server network for its own app; ownership stays fully separate on both sides.
What was the 2026 controversy around a co-founder?
In June 2026, Swedish media reported that Daniel Berntsson had made a personal donation of 5 million SEK to the Örebro Party. Mullvad called it a private donation unrelated to the company's values or mission, and Strömberg stated that Mullvad VPN AB, Amagicom AB and the sister company Tillitis AB played no role. The ownership split did not change.
Is Mullvad a public company?
It is private. Its shares trade nowhere, and the owners have said selling or listing is not planned.
Mullvad ownership in brief
The operator is Mullvad VPN AB, and the parent is Amagicom AB. Fredrik Strömberg and Daniel Berntsson own both firms half and half, with no outside investors. Swedish law and GDPR apply.