Estonia's Blackwall raises $100M at a $2.2B valuation

Blackwall, a web infrastructure company headquartered in Estonia, has raised $100 million in Series C funding, valuing the firm at $2.2 billion. The company builds a web traffic management ecosystem and describes itself as a cybersecurity and web-traffic management business.

It develops tools that help web-hosting companies, cloud providers and managed service providers protect websites from bots, agents and other malicious traffic. Its flagship product, GateKeeper, inspects incoming traffic and filters malicious bots, application-layer distributed denial-of-service attacks and brute-force login attempts before they reach client applications. The wider service also includes firewalls, load balancing and optimization tools meant to distinguish legitimate traffic and artificial intelligence traffic from potential attackers.

Co-founder and chief executive Nikita Rozenberg said: "The web is becoming more automated, more distributed and more complex, but the infrastructure that powers it remains highly fragmented." He added that the company's ambition is "to build the traffic management ecosystem that brings those worlds together." Rozenberg said the new funding will help Blackwall expand globally and deepen its platform so hosting and infrastructure providers can take part in the next generation of the web.

The company changed its name from BotGuard in March 2025, alongside its Series B round. The name refers to Cyberpunk 2077, a science-fiction video game published by CD Projekt Red, in which the Blackwall is a digital barrier protecting the Net from rogue artificial intelligences.

AVP led the round, with existing investors Dawn Capital, MMC Ventures and Tera Ventures also taking part. AVP general partner Warda Shaheen said: "Blackwall has built something rare: a security company that grows with the internet itself." She said it is already the layer in front of millions of websites and that, as more web traffic comes from agents, a company in that position becomes indispensable, which is why AVP is leading the round.

Blackwall works with web hosting and cloud providers to catch unwanted traffic, cut operating costs and speed up traffic. Its modular setup lets customers select security features, package them and sell them as their own products, generating revenue without building or maintaining the technology themselves.

Grand View Research Inc. put the web hosting market at $150 billion in 2025 and projected $178 billion by the end of this year and $506 billion by 2033. The report says growth is driven mainly by startups and small-business activity online. Blackwall supports that market by supplying cybersecurity resilience to providers that add its services to their own offerings.