Blackwall has become Estonia’s newest unicorn, reaching a valuation of roughly €1.03B in the annual TopTech ranking of the country’s 30 most valuable technology companies.
The cybersecurity firm grew from about €221M a year earlier, a jump of 368%, and took TopTech’s special award for the biggest riser. It ranks fifth, behind Wise at €11B, Bolt at €7B and Veriff at €1.8B.
Blackwall’s main product, GateKeeper, filters malicious traffic before it reaches customer applications. The ranking’s authors credit it with pairing a focused product with a clear sales channel and measurable value for buyers.
The wider list tells a story about Estonia’s maturing market. Cybersecurity and defense companies are gaining ground, while younger founders are building with smaller teams and less capital than the first unicorn wave.
TopTech is compiled by the mergers advisory firm Prudentia Tallinn with Siena Secondary Fund, drawing on market capitalisations, recent rounds and fair-value estimates. Because it mixes private and public data, it surfaces companies whose valuations rarely make headlines.
