ElevenLabs raises $500 million at an $11 billion valuation

ElevenLabs announced a $500 million Series D on 4 February, valuing the company at $11 billion. Sequoia Capital led the round, with Andrew Reed joining its board. Existing investors Andreessen Horowitz and ICONIQ increased their investment. The company plans to put more resources into voice agents, audio research and international sales teams.

ElevenLabs reported ending 2025 with more than $330 million in annual recurring revenue. ARR describes an annualised recurring-business measure, rather than the total revenue recognised during the year. The company named customer-support, sales, internal training and citizen services among deployment areas. Alongside the financing, it announced voice-agent changes aimed at faster responses and more expressive speech; those performance claims come from ElevenLabs.