ElevenLabs bags $500M at $11B valuation; eyes global expansion including Bengaluru

ElevenLabs cofounders Mati Staniszewski and Piotr Dabkowski

• ElevenLabs raised $500M, now valued at $11B, tripling from January 2025.
• Funds to aid global expansion in Bengaluru, London, and New York.
• Sequoia Capital led the funding round with participation from a16z, Iconiq, and others

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Voice artificial intelligence (AI) startup ElevenLabs on February 4 announced that it has raised $500 million in a funding round that values the company at $11 billion, a three-fold increase from $3.3 billion in January 2025.

This fundraise comes as investors continue to pour capital into high-growth companies in the red-hot generative AI sector.

Sequoia Capital led the funding round with partner Andrew Reed joining the board. Andreessen Horowitz and Iconiq also participated in the new fundraise. These firms had earlier participated in ElevenLabs's $100 million employee tender offer at a valuation of $6.6 billion in September 2025.

New investors joining the round include Lightspeed Venture Partners, Evantic Capital, and Mary Meeker's BOND.

Rounding up the list of investors participating in the round including existing ones such as BroadLight, NFDG, Valor Capital, AMP Coalition and Smash Capital. The company stated that it plans to disclose additional investors later in February. ElevenLabs has raised a total $781 million across five rounds since its inception in 2022.

Global expansion plans

ElevenLabs plans to use the funding for its international expansion to India's tech capital Bengaluru and other cities across the world such as London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Sydney, São Paulo, Berlin, Paris and Mexico City with locally embedded go-to-market teams to boost enterprise adoption.

The company noted that it generated over $330 million in annual recurring revenue in 2025, driven by a surge in enterprise demand. Companies like Deutsche Telekom, Square, the Ukrainian Government, and Revolut use the startup's products for customer support, conversational commerce, citizen engagement, internal training, and inbound sales.

India is the company's second-largest market by revenue on the enterprise side across the world.

Also Read: Inside the tech behind Modi-Lex podcast: ElevenLabs India head explains the breakneck translation speed

Expanding product and research efforts

Apart from global expansion, the capital will be used to expand its research and product efforts. This includes ElevenAgents, which enables enterprises deploy voice and chat agents for customer experience, sales and marketing, and internal workflows. Developers and enterprises can use the open platform to create custom tailored conversational agents.

The company said that organisations including Deutsche Telekom, Square, the Ukrainian Government, and Revolut are using ElevenAgents for customer support, conversational commerce, citizen engagement, internal training, and inbound sales.

ElevenCreative helps creators and brands to generate, edit, and localise high-fidelity audio across more than seventy languages. Brands like Duolingo, Nvidia and Time use the platform to create and localise content for global audiences.

ElevenLabs co-founder Mati Staniszewski stated that the company plans to expand this offering by helping creators combine audio with video and agents. This will enable businesses to build agents that can talk, type, and take action.

"The intersection of models and products is critical - and our team has proven, time and again, how to translate research into real-world experiences. This funding helps us go beyond voice alone to transform how we interact with technology altogether," Staniszewski said.

ElevenLabs also provides low-latency, production-grade voice infrastructure for developers building interactive products and experiences through ElevenAPI. The offering is used by companies including Meta, Epic Games, Salesforce, MasterClass and Harvey to power platforms reaching over one billion users, the firm stated.

“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,” said ElevenLabs co-founder Piotr Dabkowski.

He added, "We take the models even further by optimizing them for the best product experiences that we believe will redefine the benchmarks."

In November, ElevenLabs launched an online marketplace that allows companies to license AI-generated voices of famous figures like Maya Angelou and Mark Twain for their content. The company also introduced an AI music generator in August 2025.

Major upgrade to voice agents

ElevenLabs will also use the proceeds from the fundraise to expand its work on emotional conversational models, dubbing, and audio general intelligence, the company said.

In addition to the funding round, ElevenLabs announced a major upgrade to its voice agents, enabling faster response times and improved expressiveness, powered by new turn-taking improvements and its Eleven v3 Conversational model.

"For decades, humans have adapted to machines by clicking buttons and navigating menus. ElevenLabs believes the next phase of computing will reverse that dynamic - with technology adapting to how people naturally communicate," Staniszewski and Dabkowski said in a blogpost.