Blackwall, an Estonia-based web-security startup, has raised a $100 million Series C at a $2.2 billion valuation, a fourfold increase from its last fundraise in 2025, the company announced Tuesday. The round was led by AVP, with existing backers Dawn Capital, MMC Ventures and Tera Ventures also participating, according to TechCrunch's report on the deal.
Rather than selling directly to website owners the way larger rivals such as Cloudflare, Akamai and Imperva do, Blackwall sells through hosting companies, managed-service providers and cloud platforms, which bundle and resell its tools under their own brand while keeping the customer relationship and setting their own prices. Website owners get a free tier that shows them their traffic and threats, and pay for the underlying protection, which includes threat intelligence, certificate management, DDoS defense and traffic routing, along with tools meant to separate genuine human visitors and legitimate automated agents from malicious bots using digital fingerprinting and in-house models that analyze request intent and behavior.
Executive chairman Roi Carthy said the valuation jump reflects demand from infrastructure providers racing to handle a surge in DDoS attacks, indiscriminate scraping, botnets and what the company describes as increasingly unpredictable swarms of AI agents making requests on behalf of users or other software. Chief executive Nikita Rozenberg argued that as AI agents increasingly interact and transact directly with websites, demand will grow for systems that control which agents get access, on what terms, and how they are allowed to authorize payments -- a market Blackwall is positioning itself to serve through its hosting-provider partners rather than by competing head-on with larger, direct-to-customer security vendors. The company says it will use the new funding to expand across North America, Europe, Asia-Pacific and the Middle East and to build out additional tools for the hosting, cloud and managed-service providers it sells through.
