ElevenLabs Closes $300 Million Tender at $22 Billion Valuation

ElevenLabs closed a $300 million employee tender offer that values the company at $22 billion, twice its valuation after its Series D in February, the company said in a blog post. Wellington and T. Rowe Price led the transaction.

EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD invested in the company for the first time. Existing investors participating included Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE, and Alkeon.

Enterprise customers now account for 55% of ElevenLabs revenue. Its ElevenAgents product handles more than 15 million conversations each week, three times the volume recorded in February, while its annual recurring revenue has also more than tripled over that period.

ElevenLabs now employs more than 800 people. The tender gives employees an opportunity to sell shares while bringing additional institutional investors into the company.