Blackwall jumps 368% to become Estonia’s newest unicorn

What happened

Cybersecurity company Blackwall has reached a €1 billion valuation and ranks fifth in TopTech 2026 , the annual ranking of Estonia's 30 most valuable tech companies. Wise tops the table at €11 billion, followed by Bolt (€7 billion) and Veriff (€1.8 billion).

TopTech is compiled by M&A advisory firm Prudentia Tallinn and Siena Secondary Fund , and is the only independent valuation of the Estonian tech scene. Its figures draw on market capitalisations, recent funding rounds, investor fair-value estimates and financial data that some companies share only with the compilers.

As a result, the list covers companies whose valuations rarely make the news. Its valuation grew from around €221 million to €1.03 billion in a year, an increase of 368 per cent, lifting it from ninth to fifth place.