Blackwall, a cybersecurity company founded in Estonia under the name BotGuard, is valued at EUR 1.033 billion in the TopTech 2026 ranking, e-Estonia reports. That is several times the value the same ranking gave the company a year earlier, and it places Blackwall fifth among the Estonian technology companies on the list and first among the cybersecurity companies.
The source is careful about what the number means: it is an estimate made by the compilers of the ranking, Prudentia Tallinn and Siena Secondary Fund, and not a valuation agreed in a new financing round. The last round the company itself announced was a Series B of EUR 45 million in 2025.
Blackwall makes software that filters harmful traffic before it reaches a website or an application, and sells it mainly through hosting companies and managed service providers.
According to the same report, TopTech counts 5 currently operational Estonian unicorns
— technology companies valued at a billion euros or more. The identity verification company Veriff stands third in the ranking.
Rankings of this kind are one of the things founders and investors look at when they compare places to start a technology business; this one counts only companies of Estonian origin.
Source: e-Estonia — the original story. The text above is our own summary; the words in quotation marks are the source's.