ElevenLabs completed a $300 million employee tender offer on 30 September at a $22 billion valuation, twice the $11 billion price of its February funding round, Reuters reported.
Key points
- Wellington and T. Rowe Price led the tender offer, in which employees and existing shareholders could sell shares to investors.
- ElevenLabs says annual recurring revenue from its ElevenAgents business has more than tripled since the February round.
- The company says its agents handle more than 15 million conversations a week, three times the February level.
The $300 million sale of existing shares
Wellington and T. Rowe Price led the transaction. Andreessen Horowitz and Lightspeed were among the existing backers that took part, while EQT and Goldman Sachs joined as new investors. The buyers acquired shares from employees and existing shareholders, rather than subscribing to a conventional fundraising round.
Trending Topics reported that GIC, OTPP, Sapphire Ventures and BDT & MSD also invested for the first time. It identified ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE and Alkeon among the other existing backers that participated. As a sale of existing shares, the tender provides liquidity to sellers but does not put new capital into ElevenLabs.
The previous primary round raised $500 million in February at an $11 billion valuation. About a year before the latest tender, ElevenLabs ran another secondary sale at a $6.6 billion valuation, when its annual recurring revenue stood at $200 million. Revenue on that annualised measure was above $330 million at the end of 2025.
ElevenLabs has more than 800 employees and says it intends to offer them regular opportunities to sell shares. The tender gives participating staff a way to realise some of the value of their holdings. Investors purchasing those shares take on the risk that the company’s subsequent growth falls short of the price they paid.
ElevenAgents reaches 15 million weekly conversations
ElevenLabs says annual recurring revenue from ElevenAgents, its voice and chat agent platform, has more than tripled since the Series D round, Trending Topics reported. That growth figure applies to the agents business. The same publication cited spring estimates of around $500 million for company-wide annual recurring revenue, which would imply a valuation multiple of about 44 at the tender price.
The company says its agents now process more than 15 million conversations each week, three times the February level, Reuters reported. Their tasks include handling refunds, renewing insurance policies and arranging appointments. Those uses place the product in customer-service workflows rather than limiting it to speech generation.
Enterprise customers account for 55 percent of ElevenLabs’ revenue, according to the company. Its named customers include Stripe, Deutsche Telekom, SevenRooms and Admiral, as well as the governments of Ukraine and Greece. The company also released two text-to-speech models, Eleven v4 and v4 Turbo, alongside the tender announcement.
London-based ElevenLabs was founded in 2022 by Piotr Dabkowski and chief executive Mati Staniszewski. It develops tools that turn text into speech, alongside its agent platform. The company says its models produce and comprehend speech, as well as provide translation, across more than 90 tongues spoken by over 5.5 billion individuals.
Meta and the Illinois case
ElevenLabs faces larger technology companies in the market for agents. Meta Platforms has expanded its personal AI agent Muse to small businesses, Reuters reported. OpenAI and Google are developing voice features and voice-cloning tools, while Cartesia and Deepgram are competing on latency and infrastructure for voice agents.
Seven journalists, voice actors and podcasters filed a class action against ElevenLabs in Illinois in spring 2026, Trending Topics reported. They allege ElevenLabs captured biometric voiceprints from recordings open to the public without permission, then fed them into model training for business applications. The case invokes the Illinois Biometric Information Privacy Act and remains open.
