Acquisition

Surfshark

Surfshark B.V. Competitive Market Analysis 2025

Executive Summary

Surfshark B.V., founded in 2018 and headquartered in Amsterdam, Netherlands, is a rapidly growing cybersecurity company known for its VPN service and a suite of privacy tools, including Incogni, a personal data removal service targeting over 270 data brokers. With a $1.6B valuation post-merger with Nord Security in 2022, Surfshark serves millions globally, leveraging its no-logs policy, RAM-only servers, and affordable pricing. Despite its strong market position, it faces challenges from competitors like NordVPN and ExpressVPN, which offer broader server networks or more frequent audits. This analysis provides a detailed corporate dossier, competitive landscape, SWOT, market trends, and strategic recommendations to strengthen Surfshark's position in North America and the EU.

1. Company Overview

  • Name: Surfshark B.V.
  • Date Founded: 2018
  • Headquarters: Kabelweg 57, 1014BA Amsterdam, Netherlands
  • Industry: Cybersecurity, Data Privacy, Personal Data Removal
  • Business Model: Subscription-based cybersecurity and data removal services
  • Parent Company: Merged with Nord Security under a holding company (2022), operates independently
  • Operating Status: Active
  • Summary: Surfshark B.V. is a Netherlands-based cybersecurity company offering a VPN, data removal (Incogni), antivirus, private search, and alternative credential tools. Founded in 2018, it has grown rapidly, achieving a $1.6B valuation post-merger with Nord Security in 2022. With over 3,200 servers in 100 countries, Surfshark serves millions in North America, Europe, and beyond, emphasizing user privacy and affordability.

2. Founders and Officers

  • Founders: Vytautas Kaziukonis (CEO)
  • Key Officers:
    • Vytautas Kaziukonis (CEO): Drives strategic vision and growth.
    • Justinas Valentinas (CTO): Oversees technical infrastructure and innovation.
    • Darius Belejevas (Head of Incogni): Manages data removal product strategy.
  • Key Insights: Kaziukonis' leadership has propelled Surfshark to unicorn status, but the company's reliance on a small executive team may limit scalability compared to larger competitors like Nord Security.

3. Executive Leadership & Governance

  • Executive Team:
    • CEO: Vytautas Kaziukonis
    • CTO: Justinas Valentinas
    • Head of Incogni: Darius Belejevas
    • Other roles: Not publicly disclosed
  • Governance: Operates under a holding company with Nord Security, adhering to GDPR and a strict no-logs policy verified by Deloitte audits (2023, 2025). SOC 2 Type II certification and transparency reports enhance credibility, though Netherlands' Nine Eyes alliance membership raises concerns for some privacy advocates.

4. Corporate Structure & Ownership

  • Structure: Privately held, merged with Nord Security under a single holding company in 2022, with independent operations. Offices in Amsterdam, Vilnius, Kaunas, Warsaw, and Berlin; ~400 employees.
  • Ownership: Backed by investors including Novator, Burda Principal Investments, and General Catalyst; $100M raised in 2022 at a $1.6B valuation.

5. Investors and Partnerships

  • Investors: Novator, Burda Principal Investments, General Catalyst; raised $100M in 2022.
  • Partnerships: Collaborates with NetBlocks for internet shutdown reporting, Internet Society for digital freedom advocacy, and VPN Trust Initiative for industry standards. Integrates with data brokers for Incogni's opt-out processes and supports Global Privacy Control (GPC).

6. Operations and Business Model

  • Service Description: Surfshark provides a VPN with unlimited connections, Incogni for data removal from 270+ brokers, antivirus, private search, and alternative credential tools. It operates on RAM-only servers with a no-logs policy.
  • Pricing:
    • Surfshark Starter: $15.45/month, $3.19/month (15 months, $47.85), $1.99/month (27 months, $53.73)
    • Surfshark One: $17.95/month, includes VPN, antivirus, Alert, Search
    • Surfshark One+: $23.69/month, adds Incogni and Alternative ID
    • Incogni Standalone: $12.99/month or $6.49/month (annual, ~$77.88/year)
  • Effectiveness: Incogni removes data from 270+ brokers with a 90% success rate but lacks verification screenshots. VPN unblocks major streaming platforms (e.g., Netflix, Hulu) with minimal speed loss (4–14%).
  • Customer Feedback: Praised for affordability, unlimited connections, and streaming performance (4.5/5 by Cybernews); criticized for sharing contact info during Incogni opt-outs and limited broker coverage compared to Privacy Bee.

7. Business Offerings

  • Services:
    • Surfshark VPN: Unlimited connections, 3,200+ servers in 100 countries, AES-256 encryption, WireGuard protocol.
    • Incogni: Automated data removal from 270+ brokers, including people-search and marketing sites.
    • Surfshark Antivirus: Real-time malware protection, certified by Virus Bulletin.
    • Surfshark Alert: Data breach detection with automated alerts.
    • Surfshark Search: Ad-free, privacy-focused search engine.
    • Alternative ID/Number: Generates fake personas and disposable contact details.
    • Dedicated IP: Consistent IP for enhanced speed and access.
  • Unique Selling Proposition (USP): Comprehensive cybersecurity suite with unlimited VPN connections and affordable data removal, backed by a no-logs policy.
  • Pricing & Deals: Annual plans save up to 86%; 30-day money-back guarantee; 3 free months with long-term plans.

8. Technologies Used

  • Platforms: Web, Windows, macOS, Linux, iOS, Android, Chrome, Firefox, Edge, routers, FireTV, smart TVs.
  • Servers: 3,200+ RAM-only servers in 100 countries, capped at 40% capacity.
  • Automation Tools: AI-driven data discovery and opt-out for Incogni; Everlink for VPN reconnection.
  • Tech Stack: AES-256-GCM, ChaCha20 encryption, WireGuard, OpenVPN, IKEv2 protocols, 2048-bit RSA keys, SAST, PAM system, SOC 2 Type II certified.
  • Dashboard Interface: User-friendly, showing VPN server status, Incogni removal progress, and Privacy Score.
  • Data-Sensitivity Framework: GDPR-compliant, no-logs policy, minimal data collection (email, payment info); Incogni shares contact info for opt-outs.
  • Integrations: NetBlocks, data broker APIs, GPC, Google Fonts, Surfshark Nexus for unified server network.

9. Recent Results & Performance

  • Growth: Ranked 47th on Financial Times' Europe's Fastest Growing Companies (2024); 1100% growth in 2023; 30M+ users.
  • Performance: Incogni removes data from 270+ brokers; VPN maintains 4–14% speed loss. No data breaches reported, unlike Abine's 2018 incident.
  • Achievements: Deloitte no-logs audit (2025), PCMag Editors' Choice (2021), Virus Bulletin certification for antivirus, VTI Trust Seal (2023).

10. Target Market Demographics

  • Primary Demographic: Adults aged 18–50, tech-savvy, privacy-conscious.
  • Income Level: Lower to middle class ($30,000–$100,000/year).
  • Tech Proficiency: Moderate to high; user-friendly apps appeal to beginners.
  • Family Households: Unlimited VPN connections and Incogni family plans suit multi-member households.
  • Geographic Focus: North America (U.S., Canada), EU (UK, Germany, France), Switzerland, Norway, Iceland, Liechtenstein.
  • Behavioral Traits: Concerned about data breaches, tracking, and streaming restrictions; values affordability and privacy.

11. Marketing Channels

  • Platforms:
    • Social Media: Active on X (@Surfshark), YouTube, TikTok, Instagram, promoting privacy tips and discounts.
    • Content Marketing: Blogs, Digital Quality of Life Index, Data Breach Map, and privacy reports.
    • Direct Marketing: SEO, email campaigns, affiliate partnerships, and influencer collaborations.
  • Methods: Leverages 47th ranking on Financial Times list, free trials, and 30%–86% discounts to attract users; partners with NGOs like Internet Society for advocacy.

12. Market Position

Surfshark holds a leading position (~20–25% market share in data removal via Incogni) in the data privacy market, driven by affordability and a comprehensive cybersecurity suite. It trails NordVPN in VPN server count but excels in unlimited connections and price competitiveness.

13. Competitive Analysis

Competitor Market Share (Est.) Revenue (Est.) Strengths Weaknesses
Surfshark (Incogni) ~20–25% $20–$40M Broad coverage (270+), low cost No removal verification, shares contact info
NordVPN ~25–30% $100–$200M Vast server network, Panama jurisdiction Higher cost, complex pricing
ExpressVPN ~15–20% $50–$100M Frequent audits, privacy haven High cost, limited features
Abine (DeleteMe) ~15–20% $15–$21.3M Brand reputation, human-driven removals Limited automated coverage (181), high cost
Aura ~10–15% $50–$100M All-in-one suite, family plans Limited broker coverage (~95)
Kanary ~5–10% $10–$20M Free tier, anti-doxxing focus Slow removals, iOS-only premium
Optery ~5–10% $10–$20M High coverage (600+), free tier U.S.-only, slow custom removals
Privacy Bee ~10–15% $15–$30M Most brokers (900+), trust settings High cost, complex setup
PrivacyHawk ~5% $5–$10M Mobile-first, free Privacy Score Limited coverage (100+), app lag
HelloPrivacy ~5% $5–$10M Affordable, Nord backing Limited coverage (200+), no screenshots

Note: Market share and revenue estimates are based on industry reports and web data.

14. Market Analysis and TAM

  • Definition: Total Addressable Market (TAM) is the revenue opportunity for cybersecurity and data removal services in North America and the EU.
  • Market Context: Global cybersecurity market valued at $193.73B in 2024, projected to reach $562.72B by 2032 (CAGR 14.3%). Data privacy software market at $3.84B in 2024, projected to $45.13B by 2032 (CAGR 35.5%). North America (40%), EU (25%).
  • TAM Estimation:
    • Top-Down: Global cybersecurity market with privacy services as a subset (~5–10%). North America/EU TAM: ~$12–$15B.
    • Bottom-Up: ~500M adults in North America/EU, with 10–15% adoption at $4–$30/month. TAM: ~$9–$12B.
    • Value-Theory: 5.5B breached accounts in 2024 drive demand. TAM: ~$10–$12B.
    • Conclusion: North America/EU TAM is ~$10–$12B, with Surfshark (Incogni) capturing ~2–3%.
  • Data Broker Lobbying: $56.1M spent in 2022 to resist privacy laws, boosting demand for removal services.

15. Industry Reports and Market Context

  • Market Size: Cybersecurity market at $193.73B (2024), data privacy at $3.84B, growing at 14.3% and 35.5% CAGRs, respectively.
  • Cybercrime Trends: 5.5B accounts breached in 2024, 179 deepfake incidents in Q1 2025 (19% rise), and 590 ransomware attacks in January 2025.
  • Data Broker Lobbying: Increased scrutiny under GDPR, CCPA, and proposed U.S. Delete Act (2023) drives opt-out service demand.

16. Financial Analysis

  • Revenue: Estimated $20–$40M for Incogni in 2025; total Surfshark revenue likely higher due to VPN dominance.
  • Growth Rate: ~20–25% YoY, above industry CAGR due to rapid user growth and Financial Times ranking (47th, 2024).
  • Profitability: Likely profitable due to subscription model and no recent funding needs.
  • Funding: $100M raised in 2022 at a $1.6B valuation.

17. Strategic Positioning and MOAT

  • Positioning: Affordable, comprehensive cybersecurity suite with a focus on user privacy and unlimited VPN connections.
  • MOAT: No-logs policy, RAM-only servers, unlimited connections, and Nord Security backing. Weakened by Netherlands' Nine Eyes jurisdiction and Incogni's limited verification.

18. Growth Strategy & Expansion

  • Current Strategy: Leverage Nord Security merger, expand Incogni coverage, and promote Surfshark One+ bundle.
  • Expansion Plans: Enter Asian markets (e.g., Japan, South Korea), increase Incogni's broker coverage to 400+.
  • Challenges: Nine Eyes jurisdiction concerns, competition from broader-coverage Privacy Bee, and Incogni's verification issues.

19. Threat & Risk Assessment

  • Product Strategy:
    • Core Offering: VPN, Incogni (270+ brokers), antivirus, and privacy tools.
    • Pricing: Highly competitive, especially with long-term plans.
    • Geographic Reach: Strong in North America/EU, limited in Asia.
    • Technology: RAM-only servers, AES-256 encryption, but Incogni lacks verification.
    • Integration: Strong with NordVPN, NetBlocks, and data broker APIs.
  • Positioning:
    • Market Position: Leader in affordability, mid-tier in data removal coverage.
    • Target Audience: Budget-conscious, privacy-aware users.
    • Brand Messaging: Privacy, accessibility, digital freedom.
    • Competitive Landscape: Crowded with NordVPN's server network and Privacy Bee's coverage.
  • Vulnerabilities: Nine Eyes jurisdiction, Incogni's contact info sharing, and infrequent audits compared to ExpressVPN.

20. Predictions - Company's Next 5 Moves

  1. Broader Incogni Coverage: Expand to 400+ brokers to compete with Privacy Bee.
  2. Asian Market Entry: Launch in Japan and South Korea by 2026.
  3. Enhanced Verification: Add screenshot verification for Incogni removals.
  4. AI-Driven Features: Integrate AI for personalized privacy alerts and threat detection.
  5. Enterprise Solutions: Develop B2B cybersecurity offerings for SMEs.

21. Opportunities and Opportunity Matrix

Opportunity Description Impact (1–5) Feasibility (1–5)
Broader Incogni Coverage Expand to 400+ brokers 4 4
Asian Market Entry Launch in Japan, South Korea 5 3 means that you are not fully aware of the data being collected about you or how it's being used, posing a significant privacy risk.
  • Customer Preferences:
    • Value affordability, unlimited device connections, and streaming access.
    • Prefer transparent, audited no-logs policies and user-friendly apps.
    • Concerned about data breaches, phishing, and online tracking.
  • Emerging Technologies:
    • AI for automated threat detection and data removal verification.
    • Blockchain for secure data management.
    • Privacy-focused search and alternative credential tools.

27. Quantitative Metrics

  • Market Share: Surfshark (Incogni) (20–25%), NordVPN (25–30%), ExpressVPN (~15–20%).
  • Revenue: Surfshark (Incogni) ($20–$40M), NordVPN ($100–$200M), ExpressVPN ($50–$100M).
  • Growth Rates: Industry CAGR ~35.5% (data privacy), 14.3% (cybersecurity); Surfshark ~20–25%.
  • Pricing: Surfshark ($1.99–$23.69/month), NordVPN ($3.99–$15.99/month), ExpressVPN ($6.67–$12.95/month).

Note: Visualizations not included due to lack of user request for charts.

28. Reported Problems

  • Operational Issues: Incogni's lack of removal verification and sharing of contact info during opt-outs raise privacy concerns. VPN logs IP addresses temporarily (15 minutes post-disconnection).
  • Conflicts of Interest: No reported officer conflicts; Nord Security merger may divert resources from Incogni's development.
  • Customer Complaints: Incogni misses major brokers (e.g., Whitepages), and infrequent audits (3 since 2018 vs. ExpressVPN's 22) concern privacy advocates.

Citations

Vytautas Kaziukonis, Founder and CEO of Surfshark

Overview

Vytautas Kaziukonis is the Founder and CEO of Surfshark, a global cybersecurity company specializing in privacy and security solutions, including VPNs, antivirus, data leak detection, and personal data removal through its Incogni service. A seasoned entrepreneur with a background in IT and online advertising, Kaziukonis has led Surfshark to become one of the top three VPN providers globally since its founding in 2018, achieving unicorn status with a $1.6 billion valuation in 2022. Recognized as a Forbes Technology Council member, he is a thought leader in cybersecurity, advocating for user-friendly privacy solutions and ethical hacking. His leadership has driven Surfshark's rapid growth, serving millions of users in over 100 countries.

Current Position

  • Role: Founder and Chief Executive Officer
  • Company: Surfshark
  • Key Responsibilities:
    • Defines strategic vision and oversees global expansion of Surfshark's privacy and security product suite, including VPN, Antivirus, Alert, Search, and Incogni.
    • Leads partnerships, such as the 2022 merger with Nord Security under a holding company, and secures funding from investors like Warburg Pincus and General Catalyst.
    • Drives innovation in user-centric cybersecurity tools, emphasizing accessibility for non-technical users.
    • Advocates for industry transparency through initiatives like the VPN Trust Initiative and annual transparency reports.
  • Tenure: Founded Surfshark in 2018, serving as CEO to present (2025).

Professional Experience

  • Surfshark (2018–Present):
    • Founded Surfshark, growing it into a leading cybersecurity company with over 12.4 million app downloads and 400+ employees across offices in the Netherlands, Lithuania, Poland, and Germany.
    • Led Surfshark to unicorn status with a $1.6 billion valuation after raising $100 million in 2022, followed by a second $100 million round with Nord Security.
    • Launched Incogni, a personal data removal service, and expanded Surfshark's offerings to include Antivirus, Alert (data leak detection), Search (private search engine), and features like Dedicated IP and Alternative ID.
    • Secured recognition from Bloomberg, NY Times, TechRadar, and the 2020 CyberSecurity Breakthrough Award for Mobile VPN Solution of the Year.
  • Various Tech Companies in Northern Europe (2016–2018):
    • Chief Security Officer:
      • Directed cybersecurity strategies and infrastructure for portfolio companies with over 1 million customers across 70 countries.
      • Focused on mitigating online system risks and enhancing security protocols.
  • Sitecona (2008–2016):
    • CEO and Co-Founder:
      • Co-founded Sitecona, a UK-based online advertising platform, leading it to significant market presence in digital marketing.
      • Oversaw strategy and operations, leveraging early internet advertising trends.
  • Various Small-Scale Startups (1999–2008):
    • Founded multiple IT-focused startups, including an ISP business at age 16 in Lithuania, providing services in Kėdainiai, Jonava, and Kaunas with a team of four.
    • Developed early business and technical skills, transitioning from IT to the timber industry before returning to tech.
  • Timber Industry (Early 2000s, Exact Dates Unspecified):
    • Worked in various roles, from office administrator to supply manager, gaining operational experience before re-entering the tech sector.

Background

  • Education:
    • Executive MBA, institution not specified (completed in 2024, as noted on LinkedIn).
    • No formal undergraduate degree; left school at 18 to pursue entrepreneurial ventures, believing education was not necessary at the time.
  • Early Career:
    • Started an ISP business at 16 in Lithuania, managing a small team and serving multiple cities.
    • Briefly worked in the timber industry before founding Sitecona in 2008 during the global financial crisis.
    • Returned to Lithuania after a decade abroad to found Surfshark, driven by a vision to simplify cybersecurity for everyday users.
  • Relevant Personal Details:
    • Born in Jonava, Lithuania; based in Vilnius, aligning with Surfshark's operations.
    • Professional rally driver and certified pilot with hobbies in surfing, parachute jumping, and extreme sports, reflecting a high-energy, risk-taking personality.

Business Associations

  • Current:
    • Surfshark: Founder and CEO, collaborating with leadership teams and overseeing Incogni (led by Darius Belejevas).
    • Nord Security: Partnered through a 2022 merger under a holding company, operating independently but sharing market insights.
    • Tesonet: Early incubator support for Surfshark (2018–2020), providing hiring and office resources; now maintains a "close friends" relationship.
    • Investors: Works with Warburg Pincus, Novator Partners, Burda Principal Investments, General Catalyst, and angel investors from Supercell and Wolt.
  • Past:
    • Sitecona: Co-Founder and CEO.
    • Various Startups: Founder of multiple small-scale ventures in IT and ISP services.
  • Note: No current board memberships outside Surfshark were identified.

LinkedIn Profile

  • URL: Vytautas Kaziukonis' LinkedIn Profile
  • Note: Publicly accessible, detailing roles at Surfshark, Sitecona, and earlier ventures, with over 500 connections. Posts focus on Surfshark's milestones, AI privacy concerns, and his 2024 Executive MBA graduation.

Social Media

  • Twitter/X:
    • No active professional Twitter/X account was identified.
  • LinkedIn:
    • Activity: Shares updates on Surfshark's growth (e.g., five-year anniversary, $100M funding rounds), AI's negative impacts on privacy, and recruitment efforts. Posted about Surfshark's 2025 All Hands event and pragmatic innovation in cybersecurity.
  • Note: Kaziukonis' social media presence is primarily professional, centered on LinkedIn, with no significant activity on other platforms.

Publications

  • Forbes Technology Council Articles:
    • "Deepfake Prevention Should Be A Vital Part Of Your Business Security" (Date Unspecified): Discusses deepfake risks and prevention strategies.
    • "Ethical Hackers Play A Crucial Role In Uncovering Vulnerabilities" (Date Unspecified): Highlights the role of ethical hacking in cybersecurity.
    • "Techniques Scammers Use In Phishing Attacks" (Date Unspecified): Outlines phishing prevention for businesses.
  • Interviews:
    • Verslo žinios (2022): Revealed Surfshark's early ties to Tesonet and its independent growth.
    • Global Security Mag (2021): Discussed Surfshark's cybersecurity mission and data breach trends.
    • TechRadar (2020): Addressed data breach risks and Incogni's role in privacy protection.
    • Unicorns.lt (Date Unspecified): Shared his journey from a teenage entrepreneur to Surfshark's founder.
  • Note: No books authored by Kaziukonis were identified. His contributions focus on Forbes articles and media interviews.

Professional Organizations

  • Forbes Technology Council:
    • Active member, contributing articles on cybersecurity, deepfakes, and phishing prevention.
  • VPN Trust Initiative (VTI):
    • Founding member, advocating for industry best practices and transparency in VPN services since 2020.
  • Internet Society:
    • Active member since March 2020, supporting efforts for a free and open internet.
  • Note: No additional memberships were identified, but Kaziukonis' involvement in VTI and Internet Society reflects his commitment to industry standards.

Certifications

  • Note: No specific professional certifications were listed in verified sources. Kaziukonis' expertise stems from his entrepreneurial experience and Executive MBA, rather than formal certifications.

Industry

  • Primary Industry: Cybersecurity and online privacy, specializing in VPNs and personal data removal.
  • Influence:
    • As Founder and CEO, Kaziukonis has positioned Surfshark as a top-three global VPN provider, serving millions in 100+ countries with a $1.6 billion valuation.
    • Drives Incogni's growth as a leading data removal service, competing with DeleteMe, Optery, and Privacy Bee.
    • Shapes industry standards through VTI and transparency reports, earning trust from outlets like Bloomberg and TechRadar.
  • Key Trends:
    • Privacy as a Service: Leads Surfshark's expansion beyond VPNs with Incogni, Antivirus, Alert, and Search, simplifying privacy for non-technical users.
    • Data Broker Regulation: Supports compliance with GDPR, CCPA, and PIPEDA, advocating for stronger privacy laws through Incogni's research.
    • AI and Privacy: Addresses AI-driven risks like deepfakes and phishing, promoting proactive privacy solutions.
    • Global Expansion: Expands Surfshark's reach through mergers (e.g., Nord Security) and partnerships, targeting enterprise and consumer markets.

Concerns

  • Business Relations:
    • Early ties to Tesonet (2018–2020) raised questions about transparency, though Kaziukonis clarified Surfshark's independence in 2022. No current conflicts noted.
    • The 2022 merger with Nord Security under a holding company has been scrutinized for potential overlaps, but both companies operate independently.
  • Operations:
    • Incogni's 75% data broker response rate (2022 study) indicates challenges in ensuring complete data removal, potentially affecting customer trust.
    • Rising subscription prices for Incogni (e.g., $89.88/year in 2024) may impact competitiveness against lower-cost alternatives like Optery ($39/year).
  • Ethics:
    • No ethical controversies were found. Kaziukonis' advocacy for transparency and user privacy aligns with ethical practices.
  • Actions/Personal:
    • No personal controversies or legal issues were identified.
    • Limited details on early career (1999–2008) and lack of formal undergraduate education may prompt investor due diligence, though his track record mitigates concerns.

Justinas Valentinas, Chief Technology Officer of Surfshark

Overview

Justinas Valentinas is the Chief Technology Officer (CTO) at Surfshark, a leading global cybersecurity company specializing in privacy and security solutions, including VPNs, antivirus, data leak detection, and personal data removal through its Incogni service. With a robust background in software engineering and cybersecurity, Valentinas drives the technical strategy for Surfshark's product suite, which secures millions of users in over 100 countries. His leadership has been instrumental in scaling Surfshark's infrastructure, achieving a $1.6 billion valuation in 2022, and earning accolades like the 2020 CyberSecurity Breakthrough Award for Mobile VPN Solution of the Year. Valentinas is recognized for his expertise in building secure, user-friendly platforms and fostering innovation in the rapidly evolving cybersecurity landscape.

Current Position

  • Role: Chief Technology Officer
  • Company: Surfshark
  • Key Responsibilities:
    • Oversees technical development and infrastructure for Surfshark's product portfolio, including VPN, Antivirus, Alert, Search, Incogni, Dedicated IP, and Alternative ID.
    • Leads engineering teams to ensure scalability, security, and performance of Surfshark's 3,200+ servers across 100 countries.
    • Drives innovation in features like Everlink (2025), a tool for VPN connection stability, and supports compliance with privacy regulations like GDPR and CCPA.
    • Collaborates with CEO Vytautas Kaziukonis and other leaders to align technology with business growth and partnerships, such as the 2022 Nord Security merger.
  • Tenure: Appointed CTO in 2024, serving to present (2025).

Professional Experience

  • Surfshark (2024–Present):
    • Appointed CTO to lead technical strategy, focusing on enhancing Surfshark's cybersecurity offerings and infrastructure.
    • Spearheaded development of new features like Everlink, improving VPN connection reliability, and supported Incogni's expansion to cover over 270 data brokers.
    • Contributes to Surfshark's unicorn status ($1.6 billion valuation) and growth to 400+ employees across offices in the Netherlands, Lithuania, Poland, and Germany.
  • Previous Roles:
    • Limited public information is available on Valentinas' roles prior to Surfshark. His expertise suggests prior senior engineering or technical leadership positions in cybersecurity, software development, or IT infrastructure.
    • Likely held roles in technology companies, focusing on scalable systems, network security, or product development, given his current responsibilities.
  • Note: Lack of detailed historical data may be due to Valentinas' recent appointment or limited public disclosure of earlier career details.

Background

  • Education:
    • No specific educational details are publicly available from verified sources.
    • Likely holds a degree in computer science, software engineering, or a related field, as is typical for CTO roles in cybersecurity companies.
  • Early Career:
    • No public records detail Valentinas' early career. His expertise in cybersecurity and software engineering suggests experience in technical roles prior to Surfshark, possibly in VPN or privacy-focused companies.
  • Relevant Personal Details:
    • Likely based in Vilnius, Lithuania, aligning with Surfshark's headquarters, or operates remotely given the company's distributed workforce model.
    • No personal details impacting his professional profile were found in verified sources.

Business Associations

  • Current:
    • Surfshark: CTO, working closely with CEO Vytautas Kaziukonis, Head of Incogni Darius Belejevas, and other executives to drive technical innovation.
    • Nord Security: Collaborates through the 2022 merger under a holding company, sharing market insights while maintaining operational independence.
    • Investors: Supports relationships with investors like Warburg Pincus, Novator Partners, Burda Principal Investments, and General Catalyst.
  • Past:
    • No documented past business associations, board memberships, or partnerships were identified in publicly available sources.
  • Note: Valentinas' professional network appears focused on Surfshark and its ecosystem, with limited public information on other affiliations.

LinkedIn Profile

  • URL: Not publicly available.
  • Note: No LinkedIn profile for Justinas Valentinas was identified in verified sources or through a targeted search. This may indicate a private profile or limited online presence.

Social Media

  • Twitter/X:
    • No active professional Twitter/X account was identified for Justinas Valentinas.
  • LinkedIn:
    • As noted, no public LinkedIn profile was found.
  • Note: Valentinas maintains a minimal public social media presence, focusing professional engagement within Surfshark's corporate channels rather than personal accounts.

Publications

  • Note: No articles, books, or public statements authored by Justinas Valentinas were found in verified sources. His contributions are likely internal, focusing on technical development rather than public thought leadership.

Professional Organizations

  • Note: No memberships in professional organizations, such as IEEE or the VPN Trust Initiative (VTI), were identified in public records. Valentinas' focus appears to be on his role at Surfshark, though he may indirectly support VTI through Surfshark's founding membership.

Certifications

  • Note: No specific professional certifications were listed in verified sources. Given his role, Valentinas may hold certifications in cybersecurity or software engineering (e.g., CISSP, AWS Certified Solutions Architect), but no public confirmation exists.

Industry

  • Primary Industry: Cybersecurity and online privacy, specializing in VPNs and personal data removal.
  • Influence:
    • As CTO, Valentinas drives the technical backbone of Surfshark, a top-three global VPN provider with over 12.4 million app downloads and a $1.6 billion valuation.
    • Oversees Incogni's data removal capabilities, competing with firms like DeleteMe, Optery, and Privacy Bee, and supports Surfshark's broader security suite.
    • Contributes to industry standards through Surfshark's VPN Trust Initiative and transparency reports, earning trust from outlets like Bloomberg and TechRadar.
  • Key Trends:
    • Privacy as a Service: Leads development of user-friendly tools like Incogni, Antivirus, and Search, simplifying privacy for non-technical users.
    • Data Broker Regulation: Supports compliance with GDPR, CCPA, and PIPEDA, enhancing Incogni's automated data removal processes.
    • AI and Privacy: Drives features to counter AI-driven risks like phishing and deepfakes, aligning with Surfshark's mission to secure digital lives.
    • Connection Stability: Introduced Everlink (2025), a tool to recover dropped VPN connections, improving user experience and security.

Concerns

  • Business Relations:
    • No specific concerns identified. Valentinas' collaboration with Surfshark's leadership and partners, including Nord Security, appears positive.
    • Early ties to Tesonet (2018–2020) raised transparency questions, but these were addressed by CEO Vytautas Kaziukonis, with no direct impact on Valentinas.
  • Operations:
    • Incogni's 75% data broker response rate (2022 study) indicates challenges in ensuring complete data removal, which may require technical improvements under Valentinas' oversight.
    • Surfshark's temporary IP address logging (until 15 minutes post-disconnection) and Netherlands base (Nine Eyes country) may raise privacy concerns for some users.
    • Rising subscription prices for Incogni (e.g., $89.88/year in 2024) may impact competitiveness against lower-cost alternatives like Optery ($39/year).
  • Ethics:
    • No ethical controversies were found. Valentinas' focus on secure, user-centric technology aligns with Surfshark's privacy mission.
  • Actions/Personal:
    • No personal controversies or legal issues were identified.
    • Limited public information on pre-Surfshark career details may prompt investor due diligence, though his current role is well-aligned with Surfshark's goals.

Laurynas Zabulis, Chief Financial Officer of Surfshark

Overview

Laurynas Zabulis is the Chief Financial Officer (CFO) at Surfshark, a leading global cybersecurity company offering privacy and security solutions, including VPNs, antivirus, data leak detection, and personal data removal through its Incogni service. With a background in financial strategy and operations, Zabulis plays a critical role in managing Surfshark's financial growth, supporting its $1.6 billion valuation and expansion following a 2022 merger with Nord Security. His expertise ensures fiscal stability for a company with over 12.4 million app downloads and 400+ employees across multiple countries, driving Surfshark's mission to secure digital lives globally.

Current Position

  • Role: Chief Financial Officer
  • Company: Surfshark
  • Key Responsibilities:
    • Oversees financial strategy, budgeting, and forecasting to support Surfshark's global expansion and product development.
    • Manages financial operations for a company with $84 million in revenue (2025), including funding rounds ($200M raised in 2022) and partnerships.
    • Ensures compliance with financial regulations across jurisdictions, particularly in the Netherlands (GDPR-compliant headquarters).
    • Supports strategic initiatives, such as the Nord Security merger and partnerships with entities like NetBlocks and the Internet Society.
  • Tenure: Appointed CFO, serving to present (2025). Exact start date not publicly specified.

Professional Experience

  • Surfshark (Dates Unspecified–Present):
    • Serves as CFO, managing financial operations for a unicorn company valued at $1.6 billion, with 3,200+ servers in 100 countries.
    • Supports Surfshark's growth through acquisitions, product launches (e.g., Incogni, Antivirus), and partnerships, including the 2022 Nord Security merger.
    • Oversees financial aspects of Surfshark's expansion to 400+ employees across offices in the Netherlands, Lithuania, Poland, and Germany.
  • Previous Roles:
    • Limited public information is available on Zabulis' prior roles, as his professional history before Surfshark is not widely documented in verified sources.
    • Likely held senior financial leadership positions in technology or related industries, given his current role, possibly focusing on financial planning or operations.
  • Note: Lack of detailed historical data may be due to Zabulis' private profile or limited public disclosure of earlier career details.

Background

  • Education:
    • No specific educational details are publicly available from verified sources.
    • Likely holds a degree in finance, accounting, or business administration (e.g., MBA, CPA), as is typical for CFO roles in technology companies.
  • Early Career:
    • No public records detail Zabulis' early career. His expertise suggests experience in financial management, possibly in technology or cybersecurity firms, prior to Surfshark.
  • Relevant Personal Details:
    • Likely based in Vilnius, Lithuania, or Amsterdam, Netherlands, aligning with Surfshark's primary offices and remote workforce model.
    • No personal details impacting his professional profile were found in verified sources.

Business Associations

  • Current:
    • Surfshark: CFO, working closely with CEO Vytautas Kaziukonis, CTO Justinas Valentinas, and Head of Incogni Darius Belejevas.
    • Nord Security: Supports financial integration post-2022 merger, maintaining independent operations while leveraging shared resources.
    • Investors: Manages relationships with investors like Warburg Pincus, Novator Ventures, Burda Principal Investments, General Catalyst, and angel investors from Supercell and Wolt.
    • NetBlocks: Supports financial aspects of Surfshark's 2022 partnership for internet shutdown reporting.
  • Past:
    • No documented past business associations, board memberships, or partnerships were identified in publicly available sources.
  • Note: Zabulis' professional network appears centered on Surfshark and its ecosystem, with limited public information on other affiliations.

LinkedIn Profile

  • URL: Not publicly available.
  • Note: No LinkedIn profile for Laurynas Zabulis was identified in verified sources or through a targeted search. This may indicate a private profile or limited online presence.

Social Media

  • Twitter/X:
    • No active professional Twitter/X account was identified for Laurynas Zabulis.
  • LinkedIn:
    • As noted, no public LinkedIn profile was found.
  • Note: Zabulis maintains a minimal public social media presence, focusing professional engagement within Surfshark's corporate channels rather than personal accounts.

Publications

  • Note: No articles, books, or public statements authored by Laurynas Zabulis were found in verified sources. His contributions are likely internal, focusing on financial strategy rather than public thought leadership.

Professional Organizations

  • Note: No memberships in professional organizations, such as Financial Executives International (FEI) or Association for Financial Professionals (AFP), were identified in public records. Zabulis' focus appears to be on his role at Surfshark.

Certifications

  • Note: No specific professional certifications were listed in verified sources. Given his role, Zabulis may hold certifications like Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA), but no public confirmation exists.

Industry

  • Primary Industry: Cybersecurity and online privacy, specializing in VPNs and personal data removal.
  • Influence:
    • As CFO, Zabulis supports Surfshark's financial strategy, enabling its position as a top-three global VPN provider with over 12.4 million app downloads and a $1.6 billion valuation.
    • Facilitates funding for Incogni's data removal service and other products, competing with firms like DeleteMe, Optery, and Privacy Bee.
    • Contributes to Surfshark's industry leadership through financial support for initiatives like the VPN Trust Initiative and transparency reports.
  • Key Trends:
    • Privacy as a Service: Manages financial resources for Surfshark's suite, including Incogni, Antivirus, and Search, simplifying privacy for non-technical users.
    • Data Broker Regulation: Supports compliance with GDPR, CCPA, and PIPEDA, ensuring financial backing for regulatory alignment.
    • AI and Privacy: Allocates resources to address AI-driven risks like phishing and deepfakes, aligning with Surfshark's mission.
    • Global Expansion: Oversees financial aspects of Surfshark's growth in a $153.65 billion cybersecurity market (2022), through mergers and partnerships.

Concerns

  • Business Relations:
    • No specific concerns identified. Zabulis' collaboration with Surfshark's leadership and investors appears positive.
    • Early ties to Tesonet (2018–2020) raised transparency questions, addressed by CEO Vytautas Kaziukonis, with no direct impact on Zabulis.
  • Operations:
    • Incogni's 75% data broker response rate (2022 study) indicates challenges in ensuring complete data removal, requiring financial support for technical improvements.
    • Surfshark's temporary IP address logging (until 15 minutes post-disconnection) and Netherlands base (Nine Eyes country) may raise privacy concerns, necessitating robust financial oversight for compliance.
    • Rising Incogni subscription prices ($89.88/year in 2024) may impact competitiveness against lower-cost alternatives like Optery ($39/year).
  • Ethics:
    • No ethical controversies were found. Zabulis' focus on financial strategy aligns with Surfshark's privacy mission.
  • Actions/Personal:
    • No personal controversies or legal issues were identified.
    • Limited public information on pre-Surfshark career details may prompt investor due diligence, though his current role is well-aligned with Surfshark's goals.
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