ElevenLabs has announced that it raised $500 million in a Series D funding round, valuing the company at $11 billion, more than triple its valuation from a year earlier. The round was led by Sequoia Capital, with partner Andrew Reed joining the board. Andreessen Horowitz increased its investment fourfold, while ICONIQ tripled its commitment, both with super pro-rata participation. New backers include Lightspeed Venture Partners, Evantic Capital, and BOND, alongside continued support from BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital.
The financing brings ElevenLabs’ total capital raised to $781 million across five rounds since its founding in 2022. Initially focused on natural-sounding text-to-speech, ElevenLabs has expanded into a broader audio and conversational technology stack, serving enterprises, developers, and creators through products such as ElevenAgents, ElevenCreative, and ElevenAPI.
Co-Founder Piotr Dabkowski noted, “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.” Co-Founder Mati Staniszewski said the funding will allow ElevenLabs to move beyond voice by combining audio, video, and AI agents, helping creators and businesses build systems that can speak, write, and take action. He added that the company has grown beyond what it first expected, but remains focused on further expansion as it works toward an eventual IPO. Reed cited the company’s ability to translate research into widely adopted products. The new capital will support research, product development, and international expansion across key global markets.