ElevenLabs Closes $300m Employee Offer at $22b Valuation
AI voice tool developer ElevenLabs has completed a $300 million employee tender offer, valuing the company at $22 billion. The secondary transaction allows employees and existing shareholders to sell stock to investors.
London-based AI company ElevenLabs announced on September 30 that it has finalized a $300 million employee tender offer, achieving a company valuation of $22 billion. The offer was led by Wellington and T. Rowe Price.
This secondary deal allows employees and existing shareholders to sell their shares to investors without the company necessarily raising new capital. It follows ElevenLabs' Series D funding round in February, which valued the startup at $11 billion after raising $500 million.
Founded in 2022 by Piotr Dabkowski and CEO Mati Staniszewski, ElevenLabs reports that its AI agents now handle over 15 million conversations weekly, a threefold increase since February. These agents are used for tasks such as processing refunds, renewing insurance policies, and booking appointments.
The company stated in May that it had surpassed $500 million in annual recurring revenue. Existing investors Andreessen Horowitz and Lightspeed participated in this tender offer, alongside new investors EQT and Goldman Sachs.