ElevenLabs has completed a $300m (about £224m) secondary share sale at a $22bn valuation, double the $11bn price set in its $500m Series D in February. Wellington and T. Rowe Price co-led the tender, which brought six new institutions onto the cap table.
ElevenLabs, the voice AI company founded in 2022 with headquarters in London and New York, has repriced its equity for the second time this year. The company builds text-to-speech and voice-agent software, and sells it to enterprises and public bodies.
The transaction is a tender offer rather than a primary round. No new money goes onto the balance sheet. Instead, $300m of existing shares, held by staff and some existing investors, changed hands at the new price. The company says it has more than 800 employees.
Who bought in
Wellington and T. Rowe Price led the deal. Six institutions came onto the cap table for the first time: EQT, Goldman Sachs, GIC, Ontario Teachers' Pension Plan (OTPP), Sapphire Ventures and BDT & MSD.
Several existing backers also bought more shares, including Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, Disruptive and Alkeon.
The change in the investor base matters as much as the headline figure. Sovereign wealth, pension and crossover money taking secondary stock is the kind of shareholder register usually built ahead of a listing. The company has not set out an IPO timetable.
The valuation trajectory
ElevenLabs' price has risen quickly over three transactions:
- September 2025: $100m employee tender at $6.6bn
- February 2026: $500m Series D at $11bn
- September 2026: $300m employee tender at $22bn
That is a more than threefold increase in roughly 12 months. Because the latest deal is all secondary, holders of the Series D preference stock see a paper doubling within eight months, and the company takes no extra dilution.
The operating numbers behind the price
ElevenLabs does not publish total revenue. It did disclose that annual recurring revenue at ElevenAgents, its voice-agent product, has tripled since February, and that enterprise customers now make up 55% of revenue.
The company says its agents handle more than 15 million conversations a week, also three times the February figure. Named customers include Stripe, Deutsche Telekom, SevenRooms (owned by DoorDash), the insurer Admiral and Customers Bank, as well as the governments of Ukraine and Greece.
Chief executive Mati Staniszewski presented the push into enterprise and government voice agents as the company's core thesis, saying AI should interact with people the way people interact with each other. T. Rowe Price pointed to the company's full-stack approach as the basis for its speed of execution with enterprise clients.
What's next
Recurring tenders have become one of the main ways the most valuable UK-linked AI companies keep staff without listing. ElevenLabs has now run two in a year. The next test is whether a primary raise or a public listing can support a price that has doubled twice in a year.
Original source: Tech.eu — https://tech.eu/2026/09/30/elelvenlabs-doubles-valuation-to-22bn-with-300m-employee-tender-offer/
