The AI voice technology company is reportedly in discussions with a major European fund, just months after closing a $500 million Series D.
ElevenLabs, the AI voice synthesis startup, is pursuing a funding round north of $500 million. The company is reportedly in discussions with the Scaleup Europe Fund, a €5 billion vehicle managed by EQT, for the fresh capital injection.
A fundraising machine in overdrive
ElevenLabs already closed a $500 million Series D round on February 4, 2026, led by Sequoia Capital. That round valued the company at $11 billion post-money, a dramatic leap from the $3.3 billion valuation it carried after its Series C in January 2025.
Andreessen Horowitz and ICONIQ, both existing backers, participated alongside new investors Lightspeed Venture Partners and Evantic Capital. In total, ElevenLabs has raised $781 million since its founding in 2022.
The new discussions with the Scaleup Europe Fund haven’t been finalized, but the target, over $500 million, signals another valuation jump that could push it well past the $11 billion mark.
Founded by Mati Staniszewski, a former Palantir executive, and Piotr Dąbkowski, formerly of Google, ElevenLabs was founded in London and New York in 2022.
Revenue growth backing the hype
ElevenLabs reported over $330 million in annual recurring revenue by the end of 2025. By early May 2026, it had surpassed $500 million ARR.
Deutsche Telekom, Revolut, and Klarna are among the notable clients using ElevenLabs’ technology for voice synthesis, conversational AI, and dubbing.
On September 10, 2026, ElevenLabs signed a multi-year licensing deal with Universal Music Group for an AI-powered music platform.
The company is actively exploring expansion into India, Japan, Singapore, Brazil, and Mexico.
If the Scaleup Europe Fund deal closes, ElevenLabs will have raised well over $1.2 billion in total funding within roughly four years of existence.
