UK's Dawn Capital and MMC Ventures back Blackwall's $100m round at $2.2bn valuation

$100 million round, $2.2 billion valuation

Estonian web traffic management company Blackwall has raised $100 million in a Series C round that values the business at $2.2 billion. The round was led by AVP, with participation from existing backers including London-based venture firms Dawn Capital and MMC Ventures, alongside Tera Ventures.

The raise comes only weeks after Blackwall was reported to have reached a €1 billion valuation and placed fifth in TopTech 2026, the annual ranking of Estonia’s 30 most valuable technology companies. The jump to a $2.2 billion valuation marks a sharp rise in a short period and puts the company firmly in unicorn territory.

What Blackwall does

Blackwall builds technology for managing, securing and monetising internet traffic, deployed directly inside the infrastructure of web hosting providers rather than competing with them. Its platform covers bot mitigation, DDoS protection, web application firewall services, load balancing, server-side encryption and the management of agentic AI traffic, which the company says is increasingly dominating internet activity.

The business sits within a hosting market it describes as worth $200 billion globally but highly fragmented, since infrastructure typically needs to stay close to the businesses it serves. Blackwall positions itself as a layer that strengthens the relationship between hosting providers and the sites they support, rather than one that draws traffic away from them, differentiating it from hyperscale and content-delivery rivals.

UK investor backing

The involvement of Dawn Capital and MMC Ventures, both UK-based venture firms, gives the round a direct British angle even though Blackwall itself is headquartered in Estonia. Dawn Capital partner Norman Fiore said that “a tsunami of agents will overwhelm infrastructure optimised for human traffic,” adding that Blackwall’s co-founders are already delivering infrastructure built for the agentic web to millions of customers.

AVP general partner Warda Shaheen, who led the round, said Blackwall had “built something rare: a security company that grows with the internet itself,” noting it already sits in front of millions of websites.

What the money is for

Blackwall co-founder and chief executive Nikita Rozenberg said the new funding would let the company expand globally, deepen its platform and give hosting and infrastructure providers the tools needed to participate in what he called the next generation of the web. The company plans to use the investment to scale its global presence, establishing and expanding operations across 12 strategic regions spanning North America, Europe, Asia-Pacific and the Middle East.

What it means

For Dawn Capital and MMC Ventures, continued backing of a company now valued at $2.2 billion marks a significant mark-up on their earlier investments and adds to the UK venture scene’s exposure to fast-growing European infrastructure and security businesses. It also underlines how British investors remain active backers of continental European scaleups even where the company itself is based outside the UK.

What to watch next

Attention will now turn to how quickly Blackwall executes its planned expansion across its 12 target regions, and whether its positioning around agentic AI traffic translates into sustained commercial growth. Further detail on revenue, customer numbers or additional funding activity involving its UK backers would help clarify the scale of the opportunity they are betting on.