FundraiseSep 30, 2026, 18:22 UTC

ElevenLabs hits $22B valuation in employee tender, doubling in months

What's the deal? ElevenLabs closed an employee tender offer valuing the AI voice startup at $22 billion, co-led by Wellington Management and T. Rowe Price. That's double the valuation from its Series D in February.

The investors: Goldman Sachs, GIC, Ontario Teachers' Pension Plan, EQT Group, Sapphire Ventures, and BDT & MSD Partners joined the round. Existing backers Andreessen Horowitz, Alkeon Capital, The D. E. Shaw Group, Disruptive, Evantic Capital, ICONIQ, and Lightspeed also took part.

Why now? The company says growth is driven by enterprise demand to deploy its ElevenAgents across sales, support, and operations. Enterprise now accounts for 55% of revenue.

What's the endgame? Beyond its models, ElevenLabs has built a platform that lets organisations deploy conversational agents connected to their own knowledge and systems. Its technology is used in daily operations at five of the world's ten largest tech companies, five of the ten largest insurers, and four of the ten largest telecoms.

The product: Alongside the tender, ElevenLabs released two new text-to-speech models, Eleven v4 and v4 Turbo, which it calls its fastest and most emotive yet. The company started in 2022 with US$5.82M valuation and its first model, Eleven v1.

The signal: A 2x valuation jump in months, backed by pension funds and asset managers rather than pure venture money, shows how quickly capital is flowing into enterprise AI voice as businesses move agents from pilots into daily operations.