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Estonian cybersecurity company Blackwall is valued at €1.033 billion in the TopTech 2026 ranking, up 368% from the previous year. The ranking, compiled by Prudentia Tallinn and Siena Secondary Fund, places Blackwall fifth among Estonia’s listed technology companies and first in its CyberTech category, as reported by Fomo.Observer.
It’s important to note that the €1.033 billion figure is the ranking’s estimate, not a valuation set in a newly announced share sale. It is distinct from Blackwall’s last disclosed financing, a €45 million Series B announced by the company in 2025.
The ranking value
In its Series B announcement, Blackwall said the round was led by Dawn Capital, with participation from existing investor MMC Ventures. The company said it planned to invest in research and development, expand its product range and grow in the United States and Asia-Pacific.
Founded in Estonia as BotGuard, Blackwall develops web security software. Its GateKeeper product filters malicious requests before they reach applications. At the time of the funding announcement, the company said its technology protected more than 2.3 million websites and applications through hosting and managed service providers.
CyberTech leads Blackwall’s position
There’s more in the Estonian ecosystem that prospers in the CyberTech domain. The table also ranks identity verification company Veriff third overall, at €1.811 billion.
“Blackwall shows that valuing a technology company means looking at the product, the sales channel and the economic value it creates for customers, all at once,” said Indrek Uudeküll, a partner at Prudentia Tallinn and lead compiler of the ranking.
Overall, TopTech counts 5 currently operational Estonian unicorns. Besides Blackwall, another firm that has seen record-breaking growth is Frankenburg Technologies. The DefenceTech startup, although still missing the unicorn label, has increased its valuation by 89% to €283M. The company sells modent air defence solutions and is scaling production across the region.
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