ElevenLabs Doubles to $22 Billion After $300 Million Employee Buyout

The London-based voice AI startup reaches a valuation of $22 billion following a $300 million employee stock buyback offer led by Wellington and T. Rowe Price. The operation brings together historical investors and new entrants, without issuing new capital. The company simultaneously reports a significant increase in the usage of its voice agents and a rise in its B2B revenues.

ElevenLabs' agents triple the volume of conversations handled

According to ElevenLabs, its agents now manage over 15 million conversations each week, three times more than in February. These agents are used for tasks such as processing refunds, renewing insurance contracts, or scheduling appointments. Clients include Stripe, Deutsche Telekom, and the Ukrainian government. The company states that businesses now represent 55% of its revenue. ElevenLabs employs over 800 people.

Multilingual capabilities and a trajectory driven by the founders

Founded in 2022 by Piotr Dabkowski and Mati Staniszewski, ElevenLabs focuses its activities on speech synthesis. According to the company, its internally developed AI models are capable of speaking, listening, and translating in over 90 languages spoken by more than 5.5 billion people. According to its CEO, artificial intelligence should interact with humans in the same way we communicate with each other, and he notes that expressive voice agents are quickly being adopted by businesses and governments to serve consumers and citizens. The company is based in London.

$300M buyback offer and valuation raised to $22B

ElevenLabs successfully completed a public buyback offer for its employees totaling $300 million, orchestrated by Wellington and T. Rowe Price, raising its valuation to $22 billion. Prior to this operation, the company was valued at $11 billion following a $500 million Series D round in February. The operation received support from existing investors such as Andreessen Horowitz, Lightspeed, and Iconiq, as well as new players like EQT and Goldman Sachs. This type of offer allows current employees and shareholders to sell their shares to investors, providing liquidity without the need for additional fundraising. ElevenLabs plans to leverage these means to accelerate its development. In the European AI sector, Mistral in France is valued at $24 billion and Lovable at $13.3 billion.