ElevenLabs, an artificial intelligence voice technology company, has seen its valuation double to $22 billion following a $300 million employee tender offer. This secondary sale, which allows employees to sell existing shares, was co-led by institutional investors Wellington Management and T. Rowe Price. The new valuation represents a significant increase from the company's Series D funding round in February 2026, where it achieved an $11 billion valuation.
The tender offer saw participation from new investors such as EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD. Existing backers, including Andreessen Horowitz, Lightspeed, and ICONIQ, also participated. Unlike a primary funding round, a tender offer does not inject fresh capital into the company; instead, it provides liquidity for employees and sets a new market price for shares. ElevenLabs stated that offering employees regular liquidity opportunities is important as the company grows.
The company attributes its increased valuation, in part, to the growth of its conversational agents business, ElevenAgents. This platform for voice and chat agents has reportedly tripled its annual recurring revenue since the Series D round and now handles over 15 million conversations weekly, a threefold increase since the beginning of the year. Enterprise customers constitute 55 percent of ElevenLabs' revenue, with notable clients including Stripe, Deutsche Telekom, and the governments of Ukraine and Greece.
In addition to the agent platform, ElevenLabs also recently released its latest text-to-speech models, Eleven v4 and v4 Turbo. The company employs over 800 people and has indicated a potential timeline for an initial public offering within the next two to two and a half years. This employee liquidity program is seen as a strategy to retain talent amidst heightened competition in the AI sector.
The company's valuation history shows a rapid ascent, from a $9 million valuation in 2022 alongside its first text-to-speech model, Eleven v1, to the current $22 billion valuation. This growth trajectory highlights the increasing demand and investment in AI-focused software companies.