Blackwall Quadruples Valuation with $100M Round

Estonian company Blackwall, which specializes in website traffic security tools, has raised $100 million in a Series C funding round, bringing its market valuation to $2.2 billion. The round was led by AVP, with participation from existing investors Dawn Capital, MMC Ventures, and Tera Ventures.

Roy Carthy, executive chairman, told TechCrunch that the round quadrupled the company's valuation compared to its previous round in 2025. Formerly known as BotGuard, the company sells its tools through hosting, managed service, and cloud providers who white-label and reoffer them to their customers.

The business model relies on providing providers with a free tier that displays traffic and threats reaching their networks, and then charging for protection tools and additional services. The company uses digital fingerprinting techniques and AI models to analyze request behavior, distinguishing between real visitors, legitimate AI agents, and malicious bots.

The company plans to expand its operations in North America, Europe, Asia-Pacific, and the Middle East, and develop more security tools for hosting, cloud, and managed service providers. The round comes amid increasing competition in the traffic management market, as Cloudflare launched tools to control AI model crawling and charge for access.

What do these terms mean?

Series C: An advanced funding round following Series A and B, typically used to expand operations and enter new markets.

Valuation: The value set by investors for a company, reflecting their expectations for its future growth and profits.

AI Agent: Software that runs automatically to perform tasks on behalf of a user, such as browsing websites, collecting data, or completing purchases.