ElevenLabs Doubles Valuation to $22 Billion in $300M Employee Tender
ElevenLabs announced on September 30, 2026 that it has completed a $300 million employee tender offer valuing the company at $22 billion, exactly double the $11 billion valuation it reached at its Series D round in February 2026.
Details
- Round composition: Wellington and T. Rowe Price led the tender, with EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD investing in ElevenLabs for the first time, alongside existing backers Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE, and Alkeon
- Growth driving the valuation: ElevenLabs says its agents now handle more than 15 million weekly conversations, roughly tripling since February, with ElevenAgents annual recurring revenue growing 3x over the same period
- Enterprise concentration: enterprise customers now account for 55% of total revenue; ElevenLabs says its technology is used daily by 5 of the top 10 tech companies, 5 of the top 10 insurers, and 4 of the top 10 telecoms
- Headcount: the company has grown past 800 employees
- Recent product launches cited: Eleven v4 and v4 Turbo (described as its fastest and most emotive models yet) and Scribe v2 Medical for healthcare transcription
- Named deployments: Stripe, Deutsche Telekom, SevenRooms (DoorDash), Admiral, Customers Bank, Cadence, and the governments of Ukraine and Greece are cited as ElevenAgents customers
What happened next
CEO Mati Staniszewski said the company wants “AI [to] interact with people the way we interact with each other,” framing the raise around broadening AI adoption rather than funding a specific new product. Staniszewski has also said he wants ElevenLabs ready for a public listing within about two and a half years, and this tender — coming just two days after the Eleven v4 launch — signals investor confidence in the conversational-agents business as ElevenLabs’ primary growth engine ahead of that timeline.