TopTech 2026: Wise leads, cybersecurity firm Blackwall becomes a unicorn
The combined value of Estonia's 30 most valuable tech companies is €26.4 billion. The biggest surprise is Blackwall, whose value passed the billion-euro mark.
All years as a table
| Year | Revenue | Profit | Employees |
|---|---|---|---|
| 2025 | 2 270 854 000 € | — | 4245 |
| 2024 | 1 992 054 000 € | −213 227 000 € | — |
| 2023 | 1 704 433 000 € | −177 901 000 € | — |
| 2022 | 1 263 835 000 € | −192 064 000 € | — |
| 2021 | 500 838 000 € | — | 3003 |
| 2020 | 220 344 156 € | −46 877 300 € | 705 |
| 2019 | 148 227 430 € | −89 359 198 € | 376 |
This year's TopTech ranking of Estonia's most valuable technology companies was won by Wise, valued at nearly €11 billion. Bolt came second (€7.1 billion) and Veriff third (€1.8 billion). According to a press release published by Top101, cybersecurity company Blackwall rose to fifth place, valued at €1.03 billion.
Blackwall is the ranking's biggest riser: in a year its estimated value grew from about €221 million to over a billion euros, or 368 percent, and its place improved from ninth to fifth. The company offers security infrastructure; its GateKeeper solution filters malicious traffic before it reaches a customer's applications. Indrek Uudeküll, partner at Prudentia Tallinn who led the ranking, says it shows that valuing a tech firm means looking at the product, the sales channel and the economic benefit to the customer together.
The overall picture is more modest. The combined value of the 30 companies is €26.4 billion, down from €27.7 billion a year ago. Wise and Bolt together make up 68.3 percent of the table's value, and their combined value fell by roughly 15 percent over the year. The top five hold 84.6 percent of the total, so revaluing even one large company moves the whole table.
Among sectors, defence technology stands out: its seven companies form the largest group by number, with a combined value of €1.07 billion. Frankenburg Technologies rose 89 percent (to €283 million), Threod 45 percent (to €245 million) and Milrem 27 percent (to €177 million). DefSecIntel fell 47 percent to about €101 million. In software, the combined value of four B2B SaaS companies dropped 32.4 percent, mainly because of Pipedrive; Toggl fell 37 percent while Scoro grew five. In fintech, Wallester's value grew 46 percent to €139 million.
The compilers, Prudentia Tallinn and Siena Secondary Fund, also pointed to a generational shift. Rando Rannus, a partner at Siena, says today's founders in their twenties are the first who have never built without AI, and their teams ask not how many people are needed but how few. Zobi, valued at €150 million, made the table as a representative of that wave. The valuations rely on public data, information provided by the companies and recent funding rounds, and are as of 31 August 2026.
According to reports filed with the business register, the Estonian entity with the largest revenue was Bolt Technology OÜ, with €2.27 billion in 2025 and 4,245 employees. Pipedrive OÜ had revenue of €237 million and a profit of €26 million; Veriff OÜ's revenue grew to €78.5 million but it posted a loss of €8 million. Threod Systems AS earned a profit of €15.6 million on revenue of €47.2 million. These are the figures of the Estonian companies only, not of the groups, and they are not directly comparable to the ranking's valuations.