ElevenLabs Raises $500M Series D at $11B Valuation
•February 4, 2026
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Why It Matters
The massive capital infusion validates AI voice technology’s enterprise demand and positions ElevenLabs as a leading contender for a near‑term public listing, reshaping competitive dynamics in the conversational‑AI market.
Key Takeaways
- •Series D raised $500M, valuing ElevenLabs at $11B.
- •Andreessen Horowitz quadrupled, ICONIQ tripled its investment.
- •Targets $330M ARR by 2025 with enterprise clients.
- •Launching faster, emotionally expressive conversational model this month.
- •Preparing for IPO while expanding creative AI offerings.
Pulse Analysis
ElevenLabs’ $500 million Series D, anchored by Sequoia Capital, signals strong investor confidence in AI‑driven voice and conversational platforms. By pushing the company’s valuation to $11 billion, the round not only cements its unicorn status but also underscores the escalating appetite for scalable, high‑fidelity speech synthesis across enterprise and media sectors. Existing backers such as Andreessen Horowitz and ICONIQ deepened their commitments, indicating belief in ElevenLabs’ technology moat and its potential to dominate next‑generation voice interfaces.
The fresh capital fuels rapid product innovation, most notably the imminent release of a new conversational model that promises faster response times and richer emotional expression. Coupled with an upgraded orchestration layer, these enhancements aim to improve turn‑taking dynamics, making AI agents sound more natural in customer‑service and internal workflow scenarios. ElevenAgents, the company’s enterprise‑focused platform, is positioned to capture sizable contracts with firms like Deutsche Telekom and Revolut, driving the projected $330 million ARR target by the end of 2025. This growth trajectory reflects broader market trends where businesses prioritize AI‑augmented communication to boost efficiency and personalize user experiences.
Looking ahead, ElevenLabs’ aggressive scaling—now a 400‑person team—sets the stage for an eventual IPO, likely positioning it alongside other high‑growth AI players. Its expanding portfolio, which now spans text‑to‑speech, speech‑to‑text, music generation, and dubbing, diversifies revenue streams and mitigates reliance on any single product line. As competitors race to improve voice cloning and conversational AI, ElevenLabs’ robust funding, product roadmap, and enterprise traction give it a competitive edge that could reshape the AI voice market and influence valuation benchmarks for future AI startups.
ElevenLabs Raises $500M Series D at $11B Valuation
Polish‑founded ElevenLabs raises $500 million in Series D round
ElevenLabs has raised $500 million (€425.28 million) in a Series D round, valuing the AI voice and conversational‑technology company at $11 billion, the company announced today. The round was led by Sequoia Capital, with existing investors Andreessen Horowitz quadrupling its investment and ICONIQ Capital tripling down.
As part of the round, Andrew Reed of Sequoia Capital will join ElevenLabs’ board. New investors Lightspeed Venture Partners, Evantic Capital, and BOND also participated, alongside continued backing from BroadLight Capital, NFDG, Valor Capital Group, AMP Coalition, and Smash Capital. The company added that it plans to announce additional strategic partnerships later in February.
ElevenLabs’ previous round, a year ago, raised $180 million in a Series C funding round.
ElevenLabs Targets $330 M ARR
According to ElevenLabs, the platform’s rapid adoption has helped drive the company toward an expected $330 million in annual recurring revenue by the end of 2025. The company is already working with major enterprises and public‑sector partners, including Deutsche Telekom, Square, Deliveroo, Revolut, and the Ukrainian government.
The Polish‑founded venture said it plans to double down on ElevenAgents, its conversational‑agents platform designed to improve customer experience, boost revenue‑team performance, and streamline internal operations for large organizations.
Alongside the funding news, ElevenLabs announced upcoming product updates to its agents platform. Over the coming days, the company will roll out a new conversational model that is faster and more emotionally expressive, building on its recently released v3 model. The update also includes a new orchestration layer with improved turn‑taking for more natural conversations. An alpha version of the new model is already available on the company’s website.
ElevenLabs is scaling fast toward an IPO
Beyond enterprise agents, ElevenLabs continues to expand its creative‑focused offerings through ElevenCreative, targeting creators, brands, and media companies. The company’s research now spans text‑to‑speech, speech‑to‑text, music generation, dubbing, and conversational AI models.
ElevenLabs was founded in 2022 by two Polish childhood friends, Mati Staniszewski, a former Palantir deployment strategist, and Piotr Dabkowski, an ex‑Google machine‑learning engineer. Both sharing a passion for technology, they were inspired to create voice‑cloning tools by poorly dubbed American films. In 2024, the company achieved unicorn status.
“Don’t start solving something with AI just because AI is everywhere right now. Instead, focus on something that you will actually enjoy solving and want to work on,”
— Mati Staniszewski (in a previous interview for The Recursive)
ElevenLabs has grown to a team of around 400 employees. The company said it remains focused on rapid product delivery as it builds toward a future IPO.
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