Blackwall raises $100M Series C at $2.2B valuation

Estonia-based Blackwall, a web traffic security vendor, raised $100 million in Series C funding at a $2.2 billion valuation, the company said Tuesday.

The round quadruples Blackwall's valuation from its prior 2025 fundraise, executive chairman Roi Carthy told TechCrunch. AVP led the round. Existing investors Dawn Capital, MMC Ventures and Tera Ventures participated.

What does Blackwall actually sell?

Blackwall builds security tools for hosting providers, not for websites directly. The company runs a channel model. Web hosts, managed service providers and cloud providers buy bundles of Blackwall tools. They rebrand the software. They keep the customer relationship.

Hosting partners earn a revenue share and set their own prices, co-founder and CEO Nikita Rozenberg told TechCrunch. "Hosting companies can mix and match security components to build their own solution," Rozenberg said. Partners decide what to bundle. They pick which threats to surface. They also choose what to charge end customers.

Blackwall offers four product lines: threat intelligence, certificate management, DDoS protection and traffic routing. A free tier shows network traffic and threats. Paid tiers add the protection layer.

Why does bot traffic need a separate product?

The internet is filling with non-human requests. DDoS attacks, scrapers, botnet farms and AI agents now hit websites at industrial scale. Established vendors Cloudflare, Akamai and Imperva operate in the same lane. Blackwall does not sell against them directly. Instead, it arms the hosting partners those vendors cannot easily reach.

Rozenberg's team uses digital fingerprinting to identify the software behind each request. Microsoft Office and Codex count as identifiable clients. Blackwall's own AI models then run at customer endpoints to score intent. Real user-sent traffic passes through. Malicious bots get blocked at the door.

The growth driver is volume. Bot traffic has risen sharply as generative AI products and autonomous agents ship at scale. Every new agent creates another set of calls, scrapes and transactions for websites to sort.

What is the AI agent opportunity?

Rozenberg sees a second wave coming. AI agents will soon transact on websites on behalf of users, he said. That requires new systems to manage which agents access which sites, on what terms, and with what payment authorization.

Cloudflare already offers AI Crawl Control. Website owners can allow, block or charge individual AI crawlers per request. Blackwall's pitch is different. It lets hosting providers offer that traffic management themselves, Rozenberg argued, rather than handing the customer relationship to a separate security vendor.

The economic split is the wedge. Under Cloudflare's model, the security vendor owns the policy decision. Under Blackwall's, the hosting partner does. For a mid-market host with tens of thousands of small business clients, that control matters.

Where does the $100 million go?

Blackwall will expand operations across North America, Europe, Asia-Pacific and the Middle East. New security tooling for hosting, cloud and managed-service providers is also on the roadmap. The company did not break out headcount goals.

The next test for the channel model is geographic. Most of Blackwall's installed base sits in Europe. North America accounts for the bulk of bot-driven traffic on the open web. Carrying a four-times-larger valuation into that market requires landing hosting partners at scale, with the channel margin to match.