ElevenLabs announced that it has raised $500 million in a Series D financing round that values the voice and conversational AI company at $11 billion, more than tripling its valuation from a year earlier. The company said the round brings its total funding to $781 million across five rounds since its founding in 2022.
The Series D was led by Sequoia Capital, with Sequoia partner Andrew Reed joining ElevenLabs’ board. Andreessen Horowitz “quadrupled down” and ICONIQ “tripled down,” both with what the company described as significant super pro rata participation. New investors joining the round include Lightspeed Venture Partners, Evantic Capital, and BOND, according to ElevenLabs. The company also said existing investors BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital continued their support, with additional investor participation expected to be disclosed later in February.
ElevenLabs said it closed 2025 with more than $330 million in ARR, attributing growth to rapid enterprise adoption. The company said customers using its technology include Deutsche Telekom, Square, the Ukrainian Government, and Revolut, spanning use cases such as customer support, conversational commerce, citizen engagement, internal training, and inbound sales.
ElevenLabs said it began with a human-like AI text-to-speech model and has since expanded across the “full audio stack,” including speech-to-text, sound effects, dubbing, music, and conversational models. The company positions its offering as production-ready platforms for businesses, creators, and developers, combining models with integrations, orchestration, and enterprise-grade infrastructure.
The company said it is doubling down on ElevenAgents, its enterprise platform for voice and conversational AI, and recently introduced a major upgrade to its voice agents aimed at faster response times and improved expressiveness. ElevenLabs said the upgrade is powered by taking turn improvements and its Eleven v3 Conversational model.
ElevenLabs said proceeds from the Series D will support continued research and product development, including work on emotional conversational models, dubbing, and what it described as “audio general intelligence.” The company also said it plans to continue international expansion across London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Bengaluru, Sydney, São Paulo, Berlin, Paris, and Mexico City, with locally embedded go-to-market teams to support enterprise adoption of ElevenAgents and ElevenCreative worldwide. The company said it is building toward an IPO.
KEY QUOTES
“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.”
Piotr Dabkowski, Co-Founder, ElevenLabs
“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. We plan to expand our Creative offering – helping creators combine our best-in-class audio with video and Agents – enabling businesses to build agents that can talk, type, and take action. When we started ElevenLabs, we couldn’t have imagined the scale and impact we’ve reached today, with an incredible team doing the best work of their lives. Yet we stay hungry, knowing how early this space still is, as we build toward IPO and beyond.”
Mati Staniszewski, Co-Founder, ElevenLabs
“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.”
Andrew Reed, Partner, Sequoia Capital
