London-based firm ElevenLabs has raised $500 million in a Series D round at an $11 billion valuation, led by Sequoia Capital, with Andrew Reed joining the board. Andreessen Horowitz quadrupled its investment, and ICONIQ tripled its stake.
- Launched in 2022 by Mati Staniszewski and Piotr Dąbkowski, ElevenLabs is an AI company specializing in audio and conversational technologies. The company employs over 400 specialists and operates offices in more than a dozen cities, including London, New York, San Francisco, Warsaw, Tokyo, and Sydney.
- Its platforms support 70+ languages and are used by enterprises, creators, and developers globally.4
- ElevenLabs develops foundational models for text-to-speech, speech-to-text, voice cloning, music, dubbing, and conversational agents, accessible via its enterprise platforms and APIs.
“We started by building a voice that could sound human — and we did. Today we are building foundational models across the full audio stack: text to speech, transcription, music, dubbing and conversational models with a world-leading research team. And we take the models even further by optimizing them for the best product experiences that we believe will redefine the benchmarks,” claims Piotr Dabkowski, co-founder of ElevenLabs.
- In January 2024, the startup raised $80 million in a Series B round to grow its research, infrastructure, and product offerings while improving AI safety. In 2025, it followed up with a $180 million Series C round, co-led by a16z and ICONIQ Growth, valuing the company at $3.3 billion.
Details of the deal
- New investors Lightspeed Venture Partners, Evantic Capital, and BOND joined the round, while existing investors BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital also participated. Additional investors are expected to be disclosed later in February.
"Mati and Piotr are exceptional founders and leaders. They have built ElevenLabs into one of the most successful and most impactful companies in the global AI ecosystem. From world-leading research to mind-bending creative tools to enterprise voice agents at scale, ElevenLabs is changing how people communicate and interface with technology, with organizations and institutions, and with each other. It's an honor to join their board," said Andrew Reed, Partner at Sequoia.
- The fresh capital will accelerate product development across ElevenLabs’ platforms, with a focus on scaling ElevenAgents and advancing conversational AI. The company will expand research in text-to-speech, speech-to-text, music, dubbing, and conversational models, while growing enterprise adoption globally.
- The funding will also support faster product delivery, improved agent orchestration and emotional understanding, and the expansion of the team to meet rising demand from enterprises and partners worldwide.
