ElevenLabs closes $300 million employee tender at $22 billion valuation

ElevenLabs said it closed a $300 million employee tender offer that values the voice-AI company at $22 billion. The secondary transaction allowed employees to sell vested shares to investors; ElevenLabs did not present it as a primary funding round or say the company received $300 million in fresh capital.

According to ElevenLabs, Wellington Management and T. Rowe Price led the tender. The transaction gives employees liquidity at a valuation twice the $11 billion level set in the company’s February 2026 Series D.

The tender follows ElevenLabs’ expansion into licensed music tools through a multiyear AI music licensing deal with Universal Music Group.

ElevenLabs said EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD invested in the company for the first time through the tender. Existing backers Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE, and Alkeon also participated, according to the company.

The company attributed the higher valuation to growth in its conversational-agent business. ElevenLabs said enterprise customers now generate 55% of its revenue and its agents handle more than 15 million conversations per week, three times the February level. Annual recurring revenue for ElevenAgents has more than tripled over the same period, the company said.

ElevenLabs said organizations including Stripe, Deutsche Telekom, DoorDash’s SevenRooms, Admiral, Customers Bank, Cadence, and the governments of Ukraine and Greece have deployed ElevenAgents since February for sales, support, and other business operations.

“As we grow, it’s important to us to let our people share in some of the value they are creating,” co-founder and CEO Mati Staniszewski said in the company’s announcement. ElevenLabs said it has more than 800 employees.

The company did not disclose the tender price per share, the number of shares purchased, employee participation levels, or how the proceeds were divided between employees and other existing shareholders.