ElevenLabs hits $22B valuation in $300M employee tender

ElevenLabs said Wednesday it closed a $300 million employee tender offer that values the voice and conversational-agent company at $22 billion — double its February Series D — led by Wellington and T. Rowe Price.

Voice agents are past the demo. ElevenLabs says they are handling refunds, insurance renewals, and public-service calls, more than 15 million conversations a week. A $22 billion price, set when employees sold shares to Wellington and T. Rowe Price, is the market paying for the whole stack: the speech models, the agent product, and the work of putting them into a large company’s systems.

On Wednesday, 30 September 2026, ElevenLabs said it closed a $300 million employee tender offer that values the company at $22 billion. A tender offer, here, is a sale of shares people at the company already hold. Investors buy those shares. The price of the sale is what values the whole company. ElevenLabs says that price is $22 billion, double its valuation at the Series D in February. A Series D is a later round of venture funding, after earlier rounds. A valuation is the price put on the whole company. The post is the company blog, dated September 30, 2026. It does not print an hour. Wellington and T. Rowe Price led. The company calls them long-term institutional investors, firms that buy and hold. Those lines are ElevenLabs’s.

Who bought in, as the post states it. First-time investors in the tender were EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD. The post prints those names. It does not spell out the initials GIC or OTPP. Existing investors that also took part include Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE, and Alkeon. The post does not say how the $300 million splits across the firms. Those names are ElevenLabs’s.

What the $300 million is. Mati Staniszewski, cofounder and chief executive, said it matters to the company that employees can share in some of the value they are creating for customers. The post says the company wants regular chances for people to sell some shares. It does not say the $300 million is new cash ElevenLabs will spend on hiring or computers. Reuters, the same day, describes a tender in general as a sale that lets employees, and in that wire’s wording existing shareholders, sell stock to investors, providing liquidity without necessarily raising new capital. Liquidity, here, means turning shares into cash. The company post calls this one an employee tender. It does not say existing investors sold shares in it.

Where the company says the growth is. Enterprise now accounts for 55 percent of revenue. Fifty-five percent is a bit more than half. Enterprise, here, means large-company customers, as distinct from an individual user. ElevenLabs says its technology is used in daily operations at five of the world’s ten largest tech companies, five of the ten largest insurers, and four of the ten largest telecoms. Five of ten is half of that group. Four of ten is two-fifths. The post does not name those firms. It does name organizations that have rolled ElevenAgents out since the February Series D, across sales, support, and day-to-day operations: Stripe, Deutsche Telekom, DoorDash’s SevenRooms, Admiral, Customers Bank, Cadence, and the governments of Ukraine and Greece. ElevenAgents is the product that holds a conversation. It listens, answers, and can take a next step, such as a refund. Those names and the 55 percent are ElevenLabs’s.

The volume, on the same post. ElevenAgents now handle more than 15 million conversations every week, up 3 times since February. Three times means the weekly count is triple the February level, as the company states it. The jobs it names are refunds and exchanges, renewing insurance policies, upgrading phone plans, booking healthcare appointments, and reaching public services. Over the same months, annual recurring revenue from ElevenAgents has increased more than 3 times. Annual recurring revenue, shortened to ARR, is the yearly value of contracts that renew. More than 3 times is the growth. The post does not print a dollar total for that revenue. The company also says a recent analysis of its own customers found that voice agents resolve issues 31 percent faster than chat agents, on average. Thirty-one percent is the company’s figure for that speed gap. The post does not print the clock times behind it, and it does not say an outside firm ran the comparison. Since February, the number of companies using ElevenAgents for support across more than one channel has doubled. A channel, here, is a place the conversation can move, such as a WhatsApp message, a phone call, or a follow-up email. Those lines are ElevenLabs’s.

How ElevenLabs says the product is built. The post describes three layers. Research is the models that speak, listen, and translate, in over 90 languages the company says are spoken natively by more than 5.5 billion people. That 5.5 billion is a count of native speakers of those languages, as the company states it. It is not a count of ElevenLabs users. The post names two recent results of that work: Eleven v4, which it calls its fastest and most emotive text-to-speech model, and Scribe v2 Medical, a transcription model built for healthcare. Text to speech is software that reads written words out loud. Transcription turns speech into text. The post says v4 and a faster twin, v4 Turbo, are already leading independent benchmarks. It does not reprint the scores. Product is the application layer. ElevenAgents is the fastest-growing product, the company says. Deployment is the third layer. The post says the habits of a conversation are local, shaped by language, culture, industry, and brand, and that the company’s own engineers and researchers work with a customer to fit the models to that setting. Emma Norchet at T. Rowe Price is quoted calling that combination of research, product, and deployment a structural advantage, and calling the growth of ElevenAgents evidence of it. That quotation is hers, in the company post.

The people, and the earlier price, on the same post. ElevenLabs says more than 800 people work there. In 2022, it says, the first round valued the company at $9 million, announced with Eleven v1, its first text-to-speech model. Nine million dollars is the price that round put on the company, as the post states it. Twenty-two billion is the price this week’s tender puts on it. Mati Staniszewski said AI should interact with people the way people interact with each other, and that enterprises and governments are already deploying expressive voice agents for consumers and citizens. That quotation is his, in the post.

Reuters and TechCrunch, the same Wednesday, confirm the sale. Reuters says ElevenLabs completed a $300 million employee tender valuing the company at $22 billion, twice the February round, led by Wellington and T. Rowe Price, with existing backers including Andreessen Horowitz and Lightspeed and new investors including EQT and Goldman Sachs. Reuters also repeats the company’s line that agents handle more than 15 million conversations a week, three times the February level, on jobs such as refunds, insurance renewals, and appointments. TechCrunch says employees can cash out a portion of vested shares at $22 billion. Vested means the shares have become theirs to sell under the company’s rules. TechCrunch’s word for the lead is co-led. The company post says led by. Both wires say the February Series D valued the company at $11 billion after a $500 million raise. Eleven billion doubled is twenty-two billion. The $11 billion and the $500 million are on the wires. Wednesday’s ElevenLabs post does not print either figure. It says only that $22 billion is double the Series D valuation. TechCrunch also writes that Wellington and T. Rowe Price back private companies intending to keep the stock after a company sells shares to the public. That sentence is TechCrunch’s description of those investors. The company post does not set a date for a public listing. TechCrunch also says this is ElevenLabs’s second employee sale, after a $100 million tender at a $6.6 billion valuation in September 2025. That earlier sale is TechCrunch’s. Wednesday’s post does not mention it. The Financial Times ran the same day under the headline “AI voice start-up ElevenLabs doubles valuation to $22bn.” The article is behind a subscribe wall.

The picture is ElevenLabs’s announcement graphic for this post. On a pale field, the line reads “ElevenLabs valuation increases to $22BN.” Under it, a smaller line says the round was led by Wellington and T. Rowe Price. The Wellington mark and the T. Rowe Price mark sit along the bottom. It is the company’s graphic. It does not print a calendar date.

In plain terms, ElevenLabs said on Wednesday that employees sold $300 million of stock, and that the price values the company at $22 billion, double the February Series D. Wellington and T. Rowe Price led. The company says large customers are 55 percent of revenue, that ElevenAgents handle more than 15 million conversations a week, and that yearly contract value from those agents has more than tripled, without printing a dollar total. Stripe, Deutsche Telekom, and the governments of Ukraine and Greece are among the users it names. Reuters and TechCrunch confirm the $300 million and the $22 billion. The February $11 billion valuation and the $500 million raise are theirs. The company post does not say the $300 million is new money it will spend, and it does not set a date for a public listing.