Blackwall joins unicorn ranks after 100 million euro investment

Estonian cybersecurity startup Blackwall has become a unicorn after receiving 100 million euros from investors, a deal that values the company at 2.2 billion dollars, ERR reported.

Blackwall filters automated web traffic, distinguishing malicious bots from other online activity. Several investors took part in the funding round, led by ABP, a global growth fund. Tera Ventures founding partner Stanislav Ivanov said the fund’s total assets amount to between 2 billion and 3 billion.

Estonia-linked venture capital firm Tera Ventures first invested about 300,000 dollars in Blackwall six years ago and later took part in two more funding rounds, Ivanov said. He said the new valuation could eventually deliver a strong result for the firm’s fund and showed that its investment strategy was working.

Blackwall is the second Estonian company to reach unicorn status in two weeks, after Skeleton. Doris Põld, head of the country’s IT companies association, said Estonia now has 12 unicorns and may see more in the coming year. She pointed to potential growth in deep technology and cybersecurity firms working with other industries, including possible links between technology and defence.

ERR’s Aktuaalne kaamera news programme said it was unable to reach Blackwall’s executives for comment on Wednesday.