ElevenLabs Hits $11B Valuation With $500M Series D Round

ElevenLabs just closed a $500 million Series D that values the AI voice company at $11 billion—more than tripling its $3.3 billion valuation from just twelve months ago. Sequoia Capital led the round, with Andrew Reed taking a board seat.

The fundraise brings ElevenLabs' total capital raised to $781 million since its 2022 founding, a remarkable trajectory for a company that started by making AI voices sound less robotic.

The Numbers Behind the Valuation

ElevenLabs closed 2025 with over $330 million in annual recurring revenue. That's roughly a 33x revenue multiple on the new valuation—aggressive, but the growth rate apparently justified it for investors.

Andreessen Horowitz "quadrupled down" on their position while ICONIQ "tripled down," both taking significant super pro-rata stakes. New investors Lightspeed Venture Partners, Evantic Capital, and BOND joined the cap table. When your existing investors fight for more allocation, it usually signals something.

Enterprise Push With ElevenAgents

The company plans to pour funding into ElevenAgents, its enterprise platform for deploying voice and chat agents at scale. Current clients include Deutsche Telekom, Square, the Ukrainian Government, and Revolut—the latter partnership announced just last week on January 29.

These aren't small deployments. ElevenLabs claims its API infrastructure powers platforms reaching over one billion users through clients like Meta, Epic Games, and Salesforce.

Alongside the funding announcement, ElevenLabs unveiled upgrades to its conversational AI with faster response times and improved expressiveness through its Eleven v3 Conversational model. The technical improvements matter because latency kills voice agent experiences—users bail when responses feel sluggish.

Global Expansion on the Agenda

The company is spreading go-to-market teams across fourteen cities: London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Bengaluru, Sydney, São Paulo, Berlin, Paris, and Mexico City. That's an ambitious geographic footprint that suggests they're racing to lock in enterprise contracts before competitors catch up.

Co-founder Mati Staniszewski explicitly mentioned building "toward IPO and beyond" in the announcement. With $330 million ARR and this valuation, a public offering within the next 18-24 months wouldn't surprise anyone watching the AI infrastructure space.

The funding also targets expanded research into "audio general intelligence"—a term that suggests ElevenLabs sees voice synthesis as just one piece of a broader audio AI stack including transcription, music generation, and dubbing.