ElevenLabs raises $500M Series D at $11B valuation

London-based firm ElevenLabs has raised 500 million dollars in a Series D round at an 11 billion dollar valuation. The round was led by Sequoia Capital. Sequoia partner Andrew Reed joined the board as part of the deal. Andreessen Horowitz quadrupled its investment in the round. ICONIQ tripled its stake. New investors Lightspeed Venture Partners, Evantic Capital and BOND joined the round. Existing investors BroadLight, NFDG, Valor Capital, AMP Coalition and Smash Capital also participated. Additional investors are expected to be disclosed later in February. Sequoia partner Andrew Reed said Mati and Piotr are exceptional founders and leaders who have built ElevenLabs into one of the most successful and most impactful companies in the global AI ecosystem. It is an honor to join their board, he said. The company said the fresh capital will accelerate product development across its platforms with a focus on scaling ElevenAgents and advancing conversational AI. It plans to expand research in text-to-speech, speech-to-text, music, dubbing and conversational models while growing enterprise adoption globally. The funding will also support faster product delivery, improved agent orchestration and emotional understanding and expansion of the team to meet rising demand from enterprises and partners worldwide.