Estonian cybersecurity company Blackwall has raised $100M at a $2.2B valuation in a Series C round led by growth investor AVP, with existing backers Dawn Capital, MMC Ventures and Tera Ventures participating. The company said the round makes it Europe’s most valuable cybersecurity scaleup to date.
Blackwall was founded in Estonia in 2019 by Nikita Rozenberg and Deniss Prochko and sells its web traffic management platform through hosting, cloud and managed service providers rather than directly to website owners. The platform runs inside a provider’s own infrastructure, separating real visitors and legitimate automated traffic, including AI agents, from malicious bots and attacks. The company says it filters billions of requests a day.
The valuation is about four times Blackwall’s level in its previous funding round in 2025, Geenius DigiPRO reported.
Blackwall targets 12 strategic regions
The company will use the capital to establish and expand operations across 12 strategic regions in North America, Europe, Asia-Pacific and the Middle East, and to widen its platform so that hosting, cloud and managed service providers can cover a larger share of their customers’ traffic management needs through a single infrastructure layer.
The product set spans bot mitigation, protection against distributed denial-of-service attacks, web application firewalls, load balancing, server-side encryption and management of agentic AI traffic, which the company describes as rapidly taking over the internet. Blackwall uses its own models to assess the purpose and behaviour of individual requests.
Why hosting partners carry the model
Hosting is a $200 billion market, and a fragmented one, because infrastructure has to stay close to the businesses it serves. For most of the web, the hosting provider is the only route to a site at scale, which is why Blackwall sells through providers rather than competing with them for their customers.
The economics run two ways. Unwanted traffic is stopped before it reaches a provider’s servers, cutting infrastructure and operating costs and making customers’ sites faster. Because the customer-facing security features are modular, providers can package, bundle, and price them as their own products, earning new revenue without building or maintaining the technology. A free tier shows a provider the traffic and threats arriving on its network; protection and mitigation tools are paid.
What the investors are buying
“The web is becoming more automated, more distributed and more complex, but the infrastructure that powers it remains highly fragmented,” said Blackwall co-founder and CEO Nikita Rozenberg. “Our ambition is to build the traffic management ecosystem that brings those worlds together. This funding allows us to expand globally, deepen our platform and give hosting and infrastructure providers the technology they need to participate in the next generation of the web.”
“Blackwall has built something rare: a security company that grows with the internet itself,” said Warda Shaheen, a partner at AVP. “It is already the layer in front of millions of websites, and as more of the web’s traffic comes from agents, the company in that position becomes indispensable. That’s why we’re leading this round.”
“A tsunami of agents will overwhelm infrastructure optimised for human traffic,” said Norman Fiore, a partner at Dawn Capital. “Nik and Denis are already delivering to their millions of customers the infrastructure optimised for the coming agentic web, and commercial success will flow to those businesses that are retooling today.”
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