ElevenLabs doubles its valuation to $22 billion after employee tender offer

ElevenLabs, the London-based artificial intelligence voice company, announced on Wednesday that it has closed a $300 million tender offer for employees, valuing the startup at $22 billion — double the valuation secured in its February funding round, as Reuters reports.

The tender was led by Wellington and T. Rowe Price, with participation from existing backers such as Andreessen Horowitz and Lightspeed, as well as new investors including EQT and Goldman Sachs, according to the company’s announcement.

Unlike a conventional funding round, a tender offer allows employees and existing shareholders to sell their shares to investors, providing liquidity without necessarily raising new capital.

Founded in 2022 by Piotr Dabkowski and chief executive Mati Staniszewski, ElevenLabs develops AI voice tools, including technology that turns text into speech. The company says its agents now handle more than 15 million conversations a week — three times the February level — performing tasks such as processing refunds, renewing insurance policies and booking appointments.

“We are already seeing rapid adoption of expressive voice agents by enterprises and governments, which are deploying them in the service of consumers and citizens,” Staniszewski said, according to Reuters. The company’s models can speak, listen and translate in more than 90 languages used by over 5.5 billion people.