ElevenLabs Raises $500M Series D at $11B Valuation, Triples Value in Year

AI voice technology company ElevenLabs closed a $500 million Series D funding round at an $11 billion valuation, more than tripling its value from one year ago, according to a company announcement recently.

Sequoia Capital led the round, with partner Andrew Reed joining the board. Andreessen Horowitz and ICONIQ participated with significant super pro-rata investments, the release said.

New investors include Lightspeed Venture Partners, Evantic Capital, and BOND. Existing investors BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital also participated. Additional investor participation is expected to be disclosed later in February.

The funding brings total capital raised to $781 million across five rounds since the company's 2022 founding, according to the release.

ElevenLabs closed 2025 with over $330 million in annual recurring revenue (ARR), driven by enterprise customer adoption, the release stated. Enterprise clients include Deutsche Telekom, Square, the Ukrainian Government, and Revolut, which use the platform for customer support, conversational commerce, citizen engagement, internal training, and inbound sales.

The company operates three product lines: ElevenAgents for enterprise voice and chat agents, ElevenCreative for audio content generation and localization, and ElevenAPI for developer voice infrastructure. Additional customers include Meta, Epic Games, Salesforce, MasterClass, Harvey, Duolingo, NVIDIA, and TIME, according to the release.

The company announced upgrades to its voice agents recently, including faster response times and improved expressiveness powered by new turn-taking improvements and its Eleven v3 Conversational model.

Founded by Piotr Dabkowski and Mati Staniszewski, ElevenLabs initially focused on text-to-speech technology before expanding into speech-to-text, sound effects, dubbing, music, and conversation.

The company plans to use the funds to expand research in emotional conversational models, dubbing, and audio general intelligence, according to the release. ElevenLabs is also expanding internationally with teams in London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Bengaluru, Sydney, São Paulo, Berlin, Paris, and Mexico City.