ElevenLabs Closes $300M Employee Tender Offer at $22B Valuation

ElevenLabs announced on September 30, 2026, that it recently closed a $300 million employee tender offer valuing the voice AI company at $22 billion. Wellington and T. Rowe Price led the tender, and ElevenLabs described the pair as long-term institutional investors with the experience its next stage of growth requires.

The company said the new valuation is double its valuation at its Series D in February 2026. As part of the tender, EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD invested in ElevenLabs for the first time, alongside existing investors including Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE, and Alkeon.

“AI should interact with people the way we interact with each other,” said Mati Staniszewski, cofounder and CEO of ElevenLabs. He said getting that interaction right will help AI diffuse widely across the economy, and noted that enterprises and governments are already deploying expressive voice agents in service of consumers and citizens. Staniszewski added that as the company grows, it is important to let employees share in some of the value they are creating for customers.

Enterprise Revenue and Agent Adoption

ElevenLabs said enterprise customers now account for 55% of its revenue as businesses adopt ElevenAgents, its conversational agents platform. According to the company, 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.

Since the Series D in February 2026, Stripe, Deutsche Telekom, DoorDash’s SevenRooms, Admiral, Customers Bank, Cadence, and the governments of Ukraine and Greece have rolled out ElevenAgents across sales, support, and business operations, the company said.

ElevenLabs said its agents now handle more than 15 million conversations every week, up 3x since February, resolving issues such as refunds and exchanges, insurance policy renewals, phone plan upgrades, healthcare appointment bookings, and access to public services. Over the same period, ElevenAgents’ ARR increased more than 3x. A recent company analysis of its customers found that voice agents resolve issues 31% faster than chat agents on average, and the number of organizations rolling out multichannel support with ElevenAgents has doubled since February.

Research, Product, and Deployment

ElevenLabs said its research work builds models that speak, listen, and translate in more than 90 languages spoken natively by over 5.5 billion people. The company pointed to Eleven v4 and v4 Turbo, which it describes as its fastest and most emotive text-to-speech models and says are leading independent benchmarks, and to Scribe v2 Medical, a transcription model optimized for healthcare, as the most recent results of that work.

On the product side, the company said ElevenAgents is its fastest-growing product, enabling organizations to deploy AI that listens, understands, responds, and acts across interactions with customers, employees, citizens, or fans. For deployment, ElevenLabs said its forward-deployed engineers and researchers orchestrate and refine models and agents for each customer’s specific local conditions, shaped by language, culture, industry, and brand. The company said it has built verticalized agent solutions for financial services, healthcare, government, retail, and telecom companies, developing domain-specific products and integrations and fine-tuning models for each industry.

Emma Norchet at T. Rowe Price said ElevenLabs’ combined work across research, product, and deployment had given the company a structural advantage as it grew its conversational agent business. She pointed to the team’s ability to improve every layer of that stack and to the growth of ElevenAgents.

Valuation History and Employee Liquidity

ElevenLabs raised its first round in 2022 at a $9 million valuation, announced alongside Eleven v1, its first text-to-speech model. The company raised its Series D in February 2026 with the stated goal of helping more companies adopt ElevenAgents.

The new tender follows a previous employee liquidity program: in a September 8, 2025 announcement, ElevenLabs said it was conducting a $100 million employee tender at a $6.6 billion valuation led by Sequoia and ICONIQ, with participation from investors including a16z, Smash Capital, and World Innovation Lab.

ElevenLabs said it now employs more than 800 people and that it is committed to giving its team regular opportunities for liquidity so employees can participate in the value they are creating for the company and its customers.