Blackwall, an Estonian company that protects websites from malicious bot traffic, has raised $100m in a Series C round at a valuation of $2.2bn. It announced the round on 20 October 2026.
AVP led the round, with existing investors Dawn Capital, MMC Ventures and Tera Ventures also taking part, the company said.
Tech.eu reported that the round comes just weeks after Blackwall was valued at €1bn on 30 September 2026, when it ranked fifth in Estonia's TopTech 2026 list.
“The web is becoming more automated, more distributed and more complex”Nikita Rozenberg, Co-founder and CEO, Blackwall (to Tech.eu)
What Blackwall does
Blackwall, which used to trade as Botguard, sells security that sits in front of websites and online services and separates harmful automated traffic from real users.
It does not sell directly to website owners. Its software runs inside the infrastructure of web hosting, managed-service and cloud providers, where it blocks unwanted requests before they reach servers. Blackwall says this lowers providers' operating costs and makes their customers' sites faster, and that providers can bundle its modules and resell them as their own products. Tech.eu described hosting as a fragmented market worth $200bn.
The product set covers bot mitigation, DDoS protection, a web application firewall, load balancing and server-side encryption, as well as handling of traffic from AI agents. Blackwall says it protects millions of sites and applications, and Tech.eu reported that it filters billions of requests a day.
The company said bots account for more than half of web traffic and that 66% of that bot activity is malicious. Small and medium-sized businesses are frequent targets, it said, and their service providers are often the only practical way for them to get security at scale.
The company argues that the rise of AI agents browsing the web on behalf of people is making that job harder and more important. "The web is becoming more automated, more distributed and more complex," co-founder and chief executive Nikita Rozenberg said, according to Tech.eu.
Rozenberg founded the company with Denis Prochko, its chief technology officer.
Who invested
AVP general partner Warda Shaheen told Tech.eu that Blackwall had built a security company that grows with the internet itself.
Dawn Capital, the London firm that led Blackwall's previous round, is investing again. Norman Fiore, a general partner at Dawn, predicted that a wave of AI agents will overwhelm infrastructure built for human traffic.
Dawn led a €45m Series B in March 2025 with MMC taking part, Silicon Canals reported at the time. The company said then that it planned to double its headcount.
When the Series B closed, Fiore and Dawn principal Shamillah Bankiya joined the board, and Roi Carthy, co-founder and chief executive of Hudson Rock, became executive chairman, according to Silicon Canals. The main product at the time was GateKeeper, a reverse proxy that the company said could cut hosting providers' operating costs by up to 25%.
Blackwall's website also lists Expeditions Fund and Red Dawn Ventures among its investors. They were not named in the Series C announcement.
What the money is for
Blackwall said it will use the money to expand into 12 regions across North America, Europe, Asia-Pacific and the Middle East, and to build technology for handling traffic from AI agents. It said it wants to build a traffic management ecosystem around its network of hosting providers. "Our ambition is to build the traffic management ecosystem that brings those worlds together," Rozenberg told Tech.eu.
The company has not disclosed its revenue, customer numbers or current headcount.
Tech.eu noted that the new valuation more than doubles the €1bn mark the company passed only weeks earlier.
Company website: blackwall.com