Polish-founded ElevenLabs has raised $500 million (€425.28 million) in a Series D round, valuing the AI voice and conversational technology company at $11 billion, the company announced today. The round was led by Sequoia Capital, with existing investors Andreessen Horowitz quadrupling its investment and ICONIQ Capital tripling down.
As part of the round, Andrew Reed of Sequoia Capital will join ElevenLabs’ board. New investors Lightspeed Venture Partners, Evantic Capital, and BOND also participated, alongside continued backing from BroadLight Capital, NFDG, Valor Capital Group, AMP Coalition, and Smash Capital. The company added that it plans to announce additional strategic partnerships later in February.
AI voice technology leader’s previous round was a year ago, raising $180 million in a Series C funding round.
ElevenLabs Targets $330M ARR
According to ElevenLabs, the platform’s rapid adoption has helped drive the company toward an expected $330 million in annual recurring revenue by the end of 2025. The company is already working with major enterprises and public-sector partners, including Deutsche Telekom, Square, Deliveroo, Revolut, and the Ukrainian government.
The Polish-founded venture said it plans to double down on ElevenAgents, its conversational agents platform designed to improve customer experience, boost revenue team performance, and streamline internal operations for large organizations.
Alongside the funding news, ElevenLabs announced upcoming product updates to its agents platform. Over the coming days, the company will roll out a new conversational model that is faster and more emotionally expressive, building on its recently released v3 model. The update also includes a new orchestration layer with improved turn-taking for more natural conversations. An alpha version of the new model is already available on the company’s website.
ElevenLabs is scaling fast toward an IPO
Beyond enterprise agents, ElevenLabs continues to expand its creative-focused offerings through ElevenCreative, targeting creators, brands, and media companies. The company’s research now spans text-to-speech, speech-to-text, music generation, dubbing, and conversational AI models.
ElevenLabs was founded in 2022 by two Polish childhood friends, Mati Staniszewski, a former Palantir deployment strategist, and Piotr Dabkowski, an ex-Google machine learning engineer. Both sharing a passion for technology, they were inspired to create voice cloning tools by poorly dubbed American films. In 2024, the company has achieved its unicorn status.
“Don’t start solving something with AI just because AI is everywhere right now. Instead, focus on something that you will actually enjoy solving and want to work on,” said Mati Staniszewski in a previous interview for The Recursive.
ElevenLabs has grown to a team of around 400 employees. The company said it remains focused on rapid product delivery as it builds toward a future IPO.
