ElevenLabs doubles its valuation to $22 billion in a $300 million employee tender

ElevenLabs has closed a $300 million employee tender offer that values the voice AI company at $22 billion. That is double the $11 billion valuation it reached in February, when it raised $500 million in its Series D. Wellington and T. Rowe Price led the transaction. TechCrunch notes that both are institutional investors that back private companies intending to hold the stock after an IPO. The tender lets employees sell part of their vested equity. It is the company's second such sale, after a $100 million tender at a $6.6 billion valuation in September 2025. TechCrunch says employee liquidity has become a common retention tool for fast-growing AI startups competing for staff. ElevenLabs says much of its growth comes from businesses deploying conversational agents through its ElevenAgents platform, and that enterprise now makes up 55 percent of revenue. It 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. The company recently released two text-to-speech models, Eleven v4 and v4 Turbo, which it calls its fastest and most emotive yet. Founded in 2022 with offices in New York and London, ElevenLabs raised its first round at a $9 million valuation. TechCrunch reports it now ranks among Europe's most valuable startups.