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- BlackWall
BlackWall Valuation, Funding & Investors
BlackWall is valued at $2.2B as of October 2026.
Last BlackWall valuation
$2.2B
Series C · Oct 2026
Last BlackWall funding round
$100M
Series C · Oct 2026
Cumulative funding BlackWall raised
$162M
across 4 funding rounds
Key investors in BlackWall
Tera Ventures
MMC Ventures
Expeditions Fund
Dawn Capital
Stefan Lindeberg
AVP
About BlackWall
Blackwall is a Tallinn, Estonia-headquartered provider of AI-powered bot management and web security for hosting providers and eCommerce platforms. Its platform detects and blocks malicious bots, protecting over 1 million websites from DDoS attacks, credential stuffing, and content scraping. Deployed by clients like Hetzner and Shopify partners, Blackwall processes 100 billion requests monthly with 99.99% accuracy. Launched in 2021, it serves managed service providers securing SMB online presences across Europe and North America.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$2.2B (Oct 2026)
BlackWall Valuation
BlackWall is currently valued at $2.2B, based on its Series C in October 2026. Read the announcement ↗
The $100M round was led by AVP, with participation from Tera Ventures, Dawn Capital and MMC Ventures.
BlackWall valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2026 | Series C | $2.2B |
BlackWall Funding History
BlackWall has raised a total of $162M across 4 funding rounds.
BlackWall's first fundraising round was a $600K seed round in October 2020. The most recent completed round was a $100M Series C in October 2026.
BlackWall funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2026 | Series C | AVP (lead); Tera Ventures; Dawn Capital; MMC Ventures | $100M | $2.2B | Blackwall announced on 20 October 2026 that it raised USD 100 million in a Series C round at a valuation of USD 2.2 billion. The round was led by AVP, which joined existing investors Dawn Capital, MMC Ventures and Tera Ventures. The company described the financing as making it Europe's most valuable cybersecurity scaleup to date, and TechCrunch reported that the valuation had quadrupled. Blackwall will use the funds to scale its web traffic management platform for the hosting market, where providers act as the main route to websites at scale. The platform filters bots and AI agents and provides modular web security features that hosting providers can package, bundle and tier as products of their own, earning new revenue without building the technology. The company positions hosting as a USD 200 billion market that is fragmented because infrastructure has to stay close to the businesses it serves. Blackwall was founded in 2019 and has roots in Tallinn, Estonia, while press describe it as London-based. Earlier investors include Dawn Capital, MMC Ventures and Further Than Capital. |
| Mar 2025 | Series B | Dawn Capital (lead); Tera Ventures; Expeditions Fund; Red Dawn Ventures; MMC Ventures | $49M | - | Blackwall, formerly Botguard, is an Estonia- or London-based AI-enabled security and web infrastructure company founded in 2019 by Nikita Rozenberg (CEO) and Denis Prochko (CTO). It provides solutions like its flagship GateKeeper AI-powered reverse proxy to protect websites, applications, hosting providers, and SMBs from malicious automated threats such as bots, cyber-attacks, ad fraud, and AI-driven attacks by hiding servers, inspecting traffic, and filtering malicious requests in real time. Deployed across over 2.3 million websites and applications, Blackwall targets small and medium-sized businesses often overlooked in cybersecurity, partnering with hosting service providers, managed service providers, and eCommerce platforms to reduce costs and enhance security. On March 13, 2025, Blackwall raised €45 million ($48.7-49.2 million equivalent) in a Series B funding round led by Dawn Capital through its $620 million Dawn Capital V fund and $80 million Dawn Opportunities Fund, with participation from existing investors MMC Ventures (which led the prior €12 million Series A), and possibly others like Expeditions Fund, Red Dawn Ventures, or Tera Ventures though not all explicitly confirmed in press releases. This brings total funding to approximately $58.8 million. Norman Fiore and Shamillah Bankiya from Dawn Capital joined the board, and Roi Carthy of Hudson Rock became Executive Chairman. The funds will double headcount, accelerate product development beyond GateKeeper, expand presence in the U.S. and APAC (where it has already launched), strengthen global channel partnerships, and scale operations to address rising threats. Investors praised Blackwall's channel-first strategy, best-of-breed offerings for SMBs, rapid product launches, and massive market opportunity in North America and APAC. |
| Mar 2024 | Series A | MMC Ventures (lead); Tera Ventures; Expeditions Fund; Stefan Lindeberg | $13M | - | BlackWall (formerly Botguard) is an Estonia-based cybersecurity company founded in 2019 by Nikita Rozenberg and Denis Prochko. It provides AI-powered security solutions, including its flagship product GateKeeper, a reverse proxy that protects websites and web infrastructure from malicious automated threats like bots and cyberattacks. Deployed across more than 2.3 million websites and applications, BlackWall targets small and medium-sized businesses (SMBs), which face 43% of cyberattacks while traditional solutions cater to enterprises. On March 1, 2024, BlackWall raised $13 million (€12 million) in a Series A round with participation from MMC Ventures, Dawn Capital, Stefan Lindeberg, Cubit Capital, and others. MMC Ventures led the round. The funding supported growth in cybersecurity for SMBs amid rising bot traffic, where 50% of global web traffic is bots and 66% is malicious. BlackWall later raised €45 million ($49 million) in a Series B on March 1, 2025, led by Dawn Capital with MMC Ventures participating, to double headcount, expand into the U.S. and APAC, and enhance product development. |
| Oct 2020 | Seed | Tera Ventures (lead); Håkan Saltin; Expeditions Fund; Stefan Lindeberg; Per Björklund | $600K | - | - |
Who has invested in BlackWall?
9 investors have backed BlackWall across its funding rounds, including Tera Ventures, MMC Ventures, Expeditions Fund, Dawn Capital, Stefan Lindeberg and AVP.
Lead investors include AVP, Dawn Capital, MMC Ventures and Tera Ventures.
BlackWall Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Oct 2020 | ||
| 3 | Participant | Oct 2020 | ||
| 3 | Lead | Mar 2024 | ||
| 2 | Participant | Oct 2020 | ||
| 2 | Lead | Mar 2025 | ||
| -- | 1 | Participant | Oct 2020 | |
| 1 | Lead | Oct 2026 | ||
This data is available for Pro users. Sign up to see all 9 BlackWall investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBlackWall Competitors
BlackWall competitors include listed companies like Progress Software, A10 Networks, NetScout Systems and DPtech, and private ones like Tailscale and Cato Networks.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $978M | $302M | $1.8B | 2.9x | ||
| Publicly listed | $291M | $62M | $1.8B | 5.1x | ||
| Publicly listed | $859M | $163M | $2.8B | 2.5x | ||
| Private | $19M | - | $1.5B | 78.9x | ||
| Publicly listed | $183M | $25M | $1.2B | 4.1x | ||
| Private | $250M | - | $4.8B | 19.2x |
BlackWall Public Comps
BlackWall is still privately-owned, but its public comps include Calix, Adeia, Venustech Group, QiAnXin, Progress Software, A10 Networks, Secunet, CETC Cyberspace Security, NetScout Systems and Radware.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1B | $38M | 2.1x | 1.8x | 55.6x | 13.9x | |||
| $443M | $240M | 5.9x | 6.2x | 10.9x | 10.9x | |||
| $351M | ($61M) | 6.5x | 5.8x | (38.0x) | 256.5x | |||
| $660M | ($148M) | 4.1x | 4.0x | (18.4x) | (43.9x) | |||
| $978M | $302M | 3.1x | 2.9x | 9.9x | 7.5x | |||
| $291M | $62M | 5.7x | 5.1x | 26.6x | 16.8x | |||
| $513M | $84M | 3.5x | 3.2x | 21.3x | 19.7x | |||
| $341M | $21M | 3.8x | - | 62.8x | - | |||
This data is available for Pro users. Sign up to see all BlackWall competitors and their valuation data. Start Free Trial | ||||||||
Common questions about BlackWall
| When was BlackWall founded? | BlackWall was founded in 2019. |
| Where is BlackWall headquartered? | BlackWall is headquartered in Tallinn, Estonia. |
| Is BlackWall publicly listed? | No, BlackWall is a private, VC-backed company. |
| What is BlackWall's valuation? | BlackWall was last valued at $2.2B in its Series C in October 2026. |
| How much funding has BlackWall raised? | BlackWall has raised $162M across 4 funding rounds. |
| What was BlackWall's last funding round? | BlackWall's last funding round was a $100M Series C in October 2026, led by AVP. |
| Who are BlackWall's investors? | BlackWall's investors include Tera Ventures, Expeditions Fund, MMC Ventures, Stefan Lindeberg, Dawn Capital, Håkan Saltin, AVP, Per Björklund and Red Dawn Ventures. |
| Which companies are comparable to BlackWall? | Companies comparable to BlackWall include Progress Software, A10 Networks, NetScout Systems, Tailscale, DPtech and Cato Networks. |
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