ElevenLabs raises $500 million in round led by Sequoia; valuation jumps fourfold to $11 billion

Voice artificial intelligence (AI) startup ElevenLabs announced on Wednesday that it raised $500 million at an $11 billion valuation.

The round was led by Sequoia Capital, with partner Andrew Reed joining the board. Existing investors Andreessen Horowitz (a16z) and ICONIQ increased their investments by four and three times, respectively, the company revealed in a post on X today. The startup’s new backers include Lightspeed Venture Partners, Evantic Capital, and BOND.

This comes just days after the company raised $180 million in its Series C funding round in January this year. The latest round values the company almost four times more than its January valuation of $3.3 billion.


The February round brings its total funding to $781 million since its founding in 2022.

The company plans to deploy its funds for the development of its agentic AI platform, ElevenAgents, for enterprises.

“We are using the funds to double down on ElevenAgents, which enables enterprises to deploy voice and chat agents with the reliability, integrations, testing, and monitoring required for large-scale customer operations,” the company wrote.

This would also entail global expansion across product, engineering, and locally embedded go-to-market teams.

ElevenLabs reported $330 million in annual recurring revenue (ARR) in calendar year 2025, fuelled by strong enterprise adoption of ElevenAgents.

Its existing customers include Deutsche Telekom, Square, the Ukrainian government, and Revolut, using the platform for customer support, conversational commerce, citizen engagement, internal training, and inbound sales.