Mindler shares
Unlisted company
Mindler is a digital psychology clinic that provides evidence-based psychological treatment via video consultations in its proprietary app. The business operates on behalf of Swedish regions as commissioning entities, with Region Sörmland as its primary contracting party, and is a registered healthcare provider supervised by IVO.
Revenue model
Revenue is generated primarily through regional reimbursement schemes within the publicly funded system, under which patients pay the standard patient fee and high-cost protection applies. The company also has a corporate segment in which employers purchase digital psychological care for employees. Treatment is based on cognitive behavioural therapy, delivered both through video consultations and as internet-based CBT with self-help programmes in the app.
Operations and markets
The group operates in Sweden and several European markets. The psychologists are employees and work remotely via the app.
Growth strategy
Mindler grows through a combination of organic growth and acquisitions. Organic growth is driven by product development of the digital platform and increased customer acquisition in both the publicly funded and private segments. The acquisition strategy focuses on consolidating digital psychology services in the markets where the company operates.
Key characteristics
Digital psychology clinic in an app
Licensed psychologists providing remote care
European presence through subsidiaries
Revenue and growth
Regional reimbursement schemes and corporate agreements
Two customer segments: regions and employers
Growth organically and through acquisitions
Financial performance
Published 6 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Burn rate
- 3.7MSEK/mo
- Equity ratio
- 3%
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Net sales | 267(+10.5 %) | 241(+28.7 %) | 188(+37.9 %) | 136 |
| Revenue growth | 10.5%(-18.1 pp) | 28.7%(-9.2 pp) | 37.9% | – |
| EBITDA | -37 | -87 | -187 | -160 |
| EBIT | -51 | -98 | -195 | -164 |
| Net income | -57 | -102 | -196 | -164 |
| Equity | – | – | – | 217 |
| Cash and bank | – | – | – | 97 |
| Operating cash flow | -45 | -2.9 | -191 | -174 |
| Equity ratio | 3%(-14.4 pp) | 17.4%(-24.9 pp) | 42.3% | – |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 20m | SEK 680m |
Questions about Mindler
Is Mindler publicly listed?
No, Mindler is a private limited company and is not publicly listed. The company has not completed an IPO, and its shares are therefore not traded on a regulated stock exchange, but through the unlisted market.
What does Mindler do?
Mindler is a Swedish digital health company that provides online psychological treatment through its proprietary app. Patients attend video consultations with licensed psychologists and work through CBT-based self-help programmes in the app between sessions.
Can I buy shares in Mindler?
Yes, it is possible to buy shares in Mindler through unlisted share trading, provided that there are sellers. Via Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Mindler?
If you own shares in Mindler, you can place a sell order via Eqvor and be matched with buyers. When a buyer and seller are matched, the transaction is completed, and the change of ownership is recorded in the company’s share register in accordance with the company’s applicable procedures.
Is Mindler affiliated with Euroclear?
No, Mindler is not currently affiliated with Euroclear. This means that the shares are registered directly in the company’s share register and not through the Swedish securities system.
Can I hold Mindler shares with Avanza or Nordnet?
Since Mindler is not affiliated with Euroclear, the shares normally cannot be held in a standard securities account with Avanza or Nordnet. Instead, ownership is registered directly in the company’s share register.
Does Mindler have any right-of-first-refusal or pre-emption clauses?
Yes, Mindler has rights of first refusal or pre-emption rights. This means that share transfers may need to be handled in accordance with specific terms before the shares are sold on to an external buyer.
At what price is the Mindler share traded?
Since Mindler is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the unlisted market.
When will Mindler go public?
There is currently no publicly announced timetable for Mindler to go public. We therefore do not know when Mindler might be listed or whether the company will carry out an IPO.
What risks are associated with investing in Mindler?
Investing in Mindler involves risk, just like other investments in unlisted shares. The company’s valuation may be affected by healthcare regulations, reimbursement models, regional agreements, international expansion, competition, capital requirements, and demand for digital psychological treatment. Trading in unlisted shares also typically involves lower liquidity than trading in listed shares.
Where can I find Mindler's annual report?
Mindler's annual report is available under Investor Relations and Financial Reports. The company's annual reports can be downloaded there.
Has Mindler conducted any share issues?
Yes, Mindler has conducted capital raises and previous new share issues. Mindler’s Capital raised is stated as SEK 667.3 million, which shows how much capital the company has raised through previous financing.
How much capital has Mindler raised in total?
Mindler's Capital raised is stated as SEK 667.3 million. An equity raise is a term for raising capital, but terms such as funding round, financing or share issue are often used.
Has Mindler reported a profit or a loss?
Mindler reports a negative result in the latest available information. Under Key figures, EBITDA is stated as SEK -36,896 thousand and net income as SEK -56,912 thousand. The company’s earnings trend is also shown in the Results by year chart.