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Blackwall raises $100M Series C at $2.2B valuation to fight bot and AI traffic

Estonia-based web traffic security firm Blackwall has secured $100 million in Series C funding led by AVP, pushing its valuation to $2.2 billion.

Estonian web traffic security and infrastructure company Blackwall has raised $100 million in a Series C funding round at a $2.2 billion valuation, according to TechCrunch. The round was led by AVP, with participation from existing investors Dawn Capital, MMC Ventures, and Tera Ventures. The valuation cements Blackwall's position as the latest startup from Estonia to reach unicorn status, Bloomberg reported.[1][2][3][4][5]

Blackwall builds security and filtering tools designed to help websites and hosting providers manage surging bot and AI-driven traffic. The new capital follows a $49.2 million Series B round raised in March 2025 and will support continued development of the company's web filtering and security products.[2][3][5]

Key facts

  • Blackwall raised $100 million in a Series C funding round led by AVP.
  • The funding round values Blackwall at $2.2 billion.
  • Existing investors Dawn Capital, MMC Ventures, and Tera Ventures also participated in the round.
  • Blackwall is based in Estonia and develops security and filtering tools for websites and hosting providers managing bot and AI traffic.
  • Blackwall previously raised a $49.2 million Series B round in March 2025.

Sources · 5 sources

  1. TF

    Tech Funding News@TFNBreakingNewsPost on X ·

    💰Blackwall has raised $100 million in a Series C round. https://t.co/gaz8TFA9sK It was led by AVP, valuing the web security company at $2.2 billion. Existing investors DawnCapital, @MMC_Ventures and @TeraVentures also participated. #estonia #eutech #cybersecurity #innovation #investment #funding #vcfunding #valuation

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  2. TE

    Techmeme@TechmemePost on X ·

    Estonia-based web traffic security company Blackwall raised a $100M Series C led by AVP at a $2.2B valuation, after raising a $49.2M Series B in March 2025 (@ramiyertc / TechCrunch) (Visit Techmeme dot com for the link and full context!)

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  3. TE

    TechCrunch@TechCrunchPost on X ·

    Blackwall has raised $100M at a $2.2B valuation to continue building security and filtering tools that help websites grapple with growing bot and AI traffic. https://t.co/B3ltduDCTR

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  4. BL

    Bloomberg@businessPost on X ·

    Cybersecurity and web infrastructure firm Blackwall is the latest Estonian startup to join the ranks of unicorns https://t.co/wSt2WAILV3

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  5. TE

    TechmemeArticle ·

    Estonia-based web traffic security company Blackwall raised a $100M Series C led by AVP at a $2.2B valuation, after raising a $49.2M Series B in March 2025 (Ram Iyer/TechCrunch) Ram Iyer / TechCrunch : Estonia-based web traffic security company Blackwall raised a $100M Series C led by AVP at a $2.2B valuation, after raising a $49.2M Series B in March 2025 — Estonia-based Blackwall, which builds web traffic security tools for hosting providers, said on Tuesday that it has raised $100 million at a $2.2 billion valuation.

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