Blackwall has raised $100 million at a $2.2 billion valuation in a Series C round, Invest in Estonia reports. The growth investor AVP led the round, and the existing backers Dawn Capital, MMC Ventures and Tera Ventures took part. According to the company, no cybersecurity scaleup in Europe has been valued higher so far. Geenius DigiPRO, quoted in the article, puts the new valuation at about four times the level of the previous round in 2025.
Nikita Rozenberg and Deniss Prochko started the company in Estonia in 2019. Blackwall does not sell to website owners itself: its customers are hosting, cloud and managed service providers, inside whose own infrastructure the platform runs. There it tells genuine visitors and wanted automated traffic, AI agents among them, apart from harmful bots and attacks. Blackwall says it handles billions of requests every day.
The new money is meant for offices and growth in a dozen regions across North America, Europe, Asia-Pacific and the Middle East, and for a broader product. The product line already includes bot and denial-of-service protection, a web application firewall, load balancing, encryption on the server side and tools for handling traffic from AI agents.
The web is becoming more automated, more distributed and more complex, but the infrastructure that powers it remains highly fragmented,
said co-founder and CEO Nikita Rozenberg. He said the funding allows the company to expand globally and deepen its platform.
Source: Invest in Estonia, . The text above is our own summary; the words in quotation marks are the source's.
What this means for an Estonian entrepreneur
For an Estonian company that grows through investment rounds, a Series C with a new lead investor and returning backers changes the ownership again. Founders should keep the shareholders' agreement and the share register in step with each round, and record in writing how new shares are issued and which rights earlier investors keep, before the next round starts.
A shareholders' agreement sets out in advance how new investors join and what rights the existing shareholders keep. Shareholders' agreement
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