ElevenLabs doubles its valuation in seven months, to $22 billion

A $300 million sale of employee shares, led by Wellington and T. Rowe Price, has set the new valuation for the synthetic voice company, driven by its voice agents.

ElevenLabs has completed a $300 million employee share buyback offer at a valuation of $22 billion — double the $11 billion it reached in its February Series D. The deal does not bring any new money to the company: it allows existing employees and shareholders to sell some of their shares. Wellington and T. Rowe Price are leading the deal, joined by newcomers (EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, BDT & MSD) and long-standing investors such as Andreessen Horowitz, Lightspeed and ICONIQ.

Voice agents drive growth

Its agents now handle more than 15 million conversations per week, three times more than in February, and ElevenAgents' recurring revenue has also tripled over the period. Businesses account for 55% of revenue; the company counts five of the top ten technology companies and five of the top ten insurers among its customers, and employs more than 800 people. According to it, a voice agent solves a problem 31% faster on average than a text agent.