ElevenLabs is currently in discussions with the Scaleup Europe Fund to secure a new funding round exceeding $500 million. The Scaleup Europe Fund is a €5 billion vehicle managed by EQT, supported by the European Commission, Allianz, APG, Novo Holdings, CriteriaCaixa, and Santander’s Mouro Capital. The fund was established this year to provide European tech companies with local capital alternatives.
The company, founded in 2022 by Mati Staniszewski and Piotr Dąbkowski, previously closed a $500 million round in February at a valuation of $11 billion. Its valuation has grown significantly, rising from $1.1 billion in January 2024 to $3.3 billion later that year. Bloomberg reported in July that the startup was exploring a secondary sale at a valuation of approximately $22 billion.
ElevenLabs is expanding its product focus beyond synthetic speech to include dubbing, conversational agents, and audio tools. The company expects its annual recurring revenue to grow from $350 million at the end of 2025 to over $500 million within the first four months of 2026. Staniszewski aims to prepare the firm for an IPO within the next two to three years.
The Scaleup Europe Fund has previously invested in several major tech firms, including ICEYE, which raised €1 billion, and Mistral AI, which secured €3 billion. Other portfolio companies include Lovable, which raised $400 million at a $13.3 billion valuation, and Tandem Health, which closed a $100 million Series B round this month.
