ElevenLabs Employees to Sell Shares at $6.6 Billion Valuation

ElevenLabs is allowing its employees to sell shares in a tender offer that values the company at $6.6 billion, doubling its previous valuation. The offer, led by Sequoia Capital and Iconiq Growth, will enable staff to sell up to $100 million in stock.

This move is part of a growing trend among AI startups to retain and attract top talent by allowing employees to cash in on valuable shares. The tender offer will also allow more investors to increase their stakes in the company. Existing investors, including Andreessen Horowitz, are participating in the deal.

Since its founding in 2022, ElevenLabs has experienced rapid growth, now employing 331 people and generating $200 million in recurring revenue. The company aims to reach $300 million in revenue by the end of the year, with a significant focus on expanding its business clientele. Recently, ElevenLabs introduced an AI music generation service, Eleven Music, as part of its expansion into media production.