ElevenLabs raises $500M at $11B valuation, more than tripling its value in a year

Voice AI company ElevenLabs announced on Wednesday that it raised $500 million in a Series D funding round led by Sequoia Capital, with partner Andrew Reed joining the board. The round values the startup at $11 billion—more than triple its $3.3 billion valuation from January 2025. ElevenLabs has now raised five rounds, totalling $781 million, since its 2022 founding.

Existing investor Andreessen Horowitz quadrupled its stake, while ICONIQ, which led the previous round, tripled its investment. New backers include Lightspeed Venture Partners, Evantic Capital, and BOND, with additional investors to be disclosed later in February.

ElevenLabs also reported it ended 2025 with over $330 million in annual recurring revenue. According to the company, its business was driven by major customers like Deutsche Telekom, Square, the Ukrainian Government, and Revolut adopting its platforms to deploy customer support, conversational commerce, and citizen engagement solutions.

Over the years, ElevenLabs has successfully expanded from its humble beginnings in text-to-speech generation models, developing technologies spanning speech-to-text, sound effects, music, and conversation. Currently, the company operates three main products: ElevenAgents for enterprise voice and chat agents, ElevenCreative for audio generation and localization, and ElevenAPI for production-grade voice solutions that can be integrated into interactive products and experiences.

Co-founder Mati Staniszewski signaled expansion beyond voice, hinting at video integration following a recent partnership with LTX for audio-to-video content. The funding will support research, product development, and international expansion across markets including India, Japan, Singapore, Brazil, and Mexico, as the company builds toward an eventual IPO.