ElevenLabs Closes $300M Tender at $22B, Doubling Series D Mark

ElevenLabs closed a $300 million employee tender at a $22 billion valuation, the company said, double the $11 billion mark it set at its Series D in February. Wellington and T. Rowe Price led. EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD landed on the cap table for the first time, joining Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE, and Alkeon.

The proceeds go to employees, not the company. Chief executive Mati Staniszewski framed it that way in the announcement: "As we grow, it's important to us to let our people share in some of the value they are creating for our customers and the wider world."

The pitch to those new buyers is the shift from text-to-speech vendor to enterprise agent platform. ElevenAgents now handles more than 15 million conversations a week, roughly triple its February pace, and its ARR has tripled over the same window. "This shift is driving much of our growth, with enterprise now accounting for 55% of our revenue, as businesses adopt ElevenAgents to support their customers and employees," the post reads. Voice agents resolve issues 31% faster than chat agents on average, per the same post.

We flagged the $22B figure as a rumored tender back in July; this is the close. It lands a day after ElevenLabs shipped v4 and v4 Turbo speech models, and sits inside a busy funding week our tracker has been counting.

The company employs more than 800 people. Neither the announcement nor the investor list specifies whether any primary capital came in alongside the secondary.