ElevenLabs hits $22 billion valuation after $300M tender
Voice AI startup ElevenLabs has closed a $300 million employee tender offer that values the company at $22 billion.
The company confirmed the deal on September 30. The valuation is double the $11 billion mark it reached in February, when it raised $500 million in a Series D round.
The tender was co-led by Wellington and T. Rowe Price, with participation from Andreessen Horowitz, Lightspeed, EQT and Goldman Sachs. Unlike a funding round, a tender lets employees sell existing shares to investors for liquidity.
Founded in 2022 by Mati Staniszewski and Piotr Dabkowski, ElevenLabs builds AI voice tools that convert text to speech. Its models speak, listen and translate in more than 90 languages used by over 5.5 billion people.
The company says its AI agents now handle more than 15 million conversations a week, three times the level in February. Enterprises generate 55 per cent of its revenue.
The new valuation places ElevenLabs among Europe's most valuable startups, as investors pour money into AI agent companies automating customer service and back-office work.
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