ElevenLabs reaches a $22bn valuation in a $300m employee share sale led by Wellington and T. Rowe Price

ElevenLabs said on 30 September that it had closed “a $300 million employee tender offer that values ElevenLabs at $22 billion”. That is double its valuation at its Series D round in February 2026, which Tech.eu reported raised $500 million at an $11 billion valuation.

In a tender offer, staff sell existing shares to investors, so the company raises no new money. Wellington and T. Rowe Price led the sale. New investors were BDT & MSD, EQT, GIC, Goldman Sachs, OTPP and Sapphire Ventures; existing backers Alkeon, Andreessen Horowitz, D.E. Shaw, DISRUPTIVE, Evantic, ICONIQ and Lightspeed also took part.

The company gave some figures on its business. Enterprise customers are 55% of revenue. Annual recurring revenue for ElevenAgents, its voice and chat agent platform, has more than tripled since February, and its agents handle more than 15 million conversations a week. ElevenLabs says its technology is used by five of the world's ten largest technology companies and that it has more than 800 employees.

“AI should interact with people the way we interact with each other,” said chief executive Mati Staniszewski. Emma Norchet of T. Rowe Price said: “The rapid growth of ElevenAgents is a testament to this.”

The sale shows private investors buying out employees at twice the price set eight months earlier, a sign of how agent-focused AI companies are being valued.

• Claimed ElevenLabs closed a $300m employee tender valuing it at $22bn, double its February Series D valuation. ElevenLabs
• Claimed Wellington and T. Rowe Price led; EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures and BDT & MSD invested for the first time. ElevenLabs
• Claimed Enterprise is 55% of revenue, and ElevenAgents' annual recurring revenue has more than tripled since February. ElevenLabs
• Reported The February Series D raised $500m at an $11bn valuation, Tech.eu reported. Tech.eu