ElevenLabs announced on February 4, 2026, that it raised $500 million in a Sequoia Capital-led Series D at an $11 billion post-money valuation. Sequoia partner Andrew Reed joined the board. The financing signals that investors are backing a broader voice, audio and conversational-AI platform—not only a text-to-speech model.
The deal in brief
| Item | Confirmed detail |
|---|---|
| Announcement | February 4, 2026 |
| Round | Series D |
| Amount | $500 million |
| Lead investor | Sequoia Capital |
| Post-money valuation | $11 billion |
| Board change | Sequoia partner Andrew Reed joined ElevenLabs’ board |
| Total funding | $781 million across five rounds, according to ElevenLabs |
The company’s Series D announcement describes a financing round; it does not establish that the $500 million was supplied solely by Sequoia or that it included employee liquidity. TechCrunch separately reported that Sequoia had participated in an earlier secondary tender, distinguishing that transaction from the new round.
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The company later identified additional Series D investors—including BlackRock, NVIDIA, Jamie Foxx and Eva Longoria—in a May 2026 update. Those names were disclosed after the February announcement and should not be treated as part of the original public investor list without that qualification.
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How ElevenLabs reached an $11 billion valuation
| Date | Event | Reported terms |
|---|---|---|
| 2022 | Company founded | Not stated |
| 2023 | Series B | $80 million |
| January 2025 | Series C | $180 million at a $3.3 billion valuation |
| September 2025 | Employee tender offer | $100 million at a $6.6 billion valuation |
| February 4, 2026 | Series D | $500 million at an $11 billion valuation |
The step-up is substantial: $11 billion is more than three times the Series C valuation and about 67% above the tender-offer valuation. A private-company valuation is the price implied by negotiated financing terms, generally involving preferred shares and rights that are not fully public. It is not the same as audited revenue, profit, cash flow or a public-market capitalization.
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Who invested
Sequoia led the Series D. ElevenLabs said existing investors also increased their positions: Andreessen Horowitz quadrupled its participation and ICONIQ tripled its participation. Bloomberg reported participation by both firms. Sequoia’s prior involvement in the tender offer gives it continuing exposure as well as a formal governance role through Reed’s board seat.
What ElevenLabs sells now
ElevenLabs started with highly realistic text-to-speech and now presents a wider product stack:
- Text-to-speech and voice design: spoken audio generated from text, including designed or cloned voices subject to consent and platform rules.
- Dubbing and localization: adapting audio and video into additional languages.
- Speech-to-text: transcription and related speech processing.
- Sound effects and music: generated audio for media and production workflows.
- Conversational agents: ElevenAgents for real-time business interactions, including customer service, sales qualification and internal workflows.
- Developer APIs: infrastructure that lets other products embed these capabilities without training their own speech systems.
The strategic shift matters because enterprise agents, localization and embedded APIs can create recurring usage across many workflows, potentially making voice a software interface rather than a standalone creator tool.
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Why investors may see a larger business
Enterprise voice workflows
ElevenLabs says organizations including NVIDIA, Salesforce, Santander, KPN and Deutsche Telekom use its technology for customer interactions and other applications. That is a company-reported claim; the public announcement does not independently detail deployment size, savings or retention.
Creator and media production
Voiceovers, podcasts, games, advertising, education and multilingual dubbing can reduce turnaround time and let teams iterate without booking a studio for every change. Synthetic narration and character voices also open production uses that were previously expensive or slow.
Developer distribution
APIs turn speech into a component inside other software. Usage-based billing can scale with customer activity, while developers avoid building model training and serving infrastructure. The trade-off is dependence on an external provider’s prices, uptime, policies and data controls.
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- Four pickup patterns: Flexible cardioid, omni, bidirectional, and stereo pickup patterns allow you to record in ways that would normally require multiple mics, for vocals, instruments and podcasts
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Reported momentum
ElevenLabs said it ended 2025 with $350 million in annual recurring revenue and exceeded $500 million in ARR during the first four months of 2026. These are company-reported annualized figures, not independently audited recognized revenue. A separate company video described 2025 as ending above $330 million in ARR, so the written announcement’s $350 million figure should not be silently blended with that estimate.
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ElevenLabs says the capital will support research and development, product expansion, enterprise adoption of ElevenAgents, international growth and work across speech, sound, music, dubbing and conversational AI. It has not publicly specified a hiring budget, acquisition program or geographic spending plan in the cited announcement.
Competitive pressure and business risks
Quality can become a commodity
Cloud providers, large model companies, specialist startups and open-source projects can compete on voice quality, latency, language coverage, cost, privacy and distribution. If high-quality synthesis becomes widely available, differentiation may move toward workflow software, integrations, reliability, rights management and enterprise support.
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Enterprise economics are demanding
Large contracts can bring durable usage but also long procurement cycles, implementation work, support costs and pricing negotiations. Agent deployments may rely on language models, telephony, storage, monitoring and orchestration vendors, so a low synthesis rate is not a complete production cost.
Rights, consent and misuse
Voice cloning raises questions about permission, publicity rights, performer contracts, impersonation, fraud, synthetic-audio disclosure and ownership of generated material. Commercial rights may depend on the subscription or product tier. The legal answer varies by jurisdiction; buyers should review the provider’s consent, verification, removal and abuse-reporting policies rather than assume a universal rule.
Valuation execution risk
The $11 billion price assumes continued growth. Slower ARR expansion, compute costs, lower prices, customer concentration, dilution, liquidation preferences or a future down round could weaken investor returns. No cited public source establishes that ElevenLabs is profitable.
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What the pricing signals mean for buyers
Public prices observed in August 2026 illustrate how the platform is monetized, but plans, credits, taxes, promotions and entitlements can change and may vary by geography.
| Offering | Published signal | Billing unit or note |
|---|---|---|
| ElevenLabs creator plans | Free at $0; Starter $6/month; Creator $22/month (first month shown at $11); Pro $99/month; Scale $299/month; Business $990/month; Enterprise custom | Credit-based plans; check current inclusions at the creator pricing page |
| ElevenLabs API | Flash/Turbo TTS $0.05 per 1,000 characters; multilingual v2/v3 $0.10 per 1,000 characters; Scribe $0.22/hour; realtime Scribe $0.39/hour | Other products use minutes or separate meters; see API pricing |
| Murf creator plans | Free; Creator $19/month; Business $66/month; Enterprise custom | Features, limits and rights are not directly equivalent; see Murf pricing |
| Murf API | Displayed rates from $0.01 per 1,000 characters for one TTS offering and $0.03 per 1,000 for studio-quality synthesis; voice changer $0.10/minute | Compare model, latency, languages, rights and included features before drawing a price conclusion; see Murf API pricing |
ElevenLabs also lists music at $0.15 per minute, sound effects at $0.12 per minute, voice changer and isolator at $0.12 per minute, dubbing from $0.33 per minute for automatic dubbing with watermark, and Speech Engine or agent usage at $0.08 per minute under the displayed model. Taxes, tiers and enterprise terms can change those amounts.
Practical checks by user type
Creators
- Track credits rather than assuming billing is per word.
- Verify commercial rights for the selected plan and voice.
- Expect pronunciation, pacing and consistency issues in long-form generation.
- Treat promotional first-month pricing as temporary.
Developers
- Model characters, minutes and separate meters for TTS, transcription, dubbing, voice changing and agents.
- Add telephony, language-model, storage, monitoring and orchestration costs to the business case.
- Confirm rate limits, uptime commitments, data handling and enterprise terms such as SSO or a BAA.
Enterprises
- Run security and data-processing reviews covering retention, training use, regional processing and deletion.
- Test accents, names, jargon, interruptions, noise, latency and escalation paths.
- Document rights for every cloned or licensed voice and calculate total cost of ownership.
Voice actors and rights holders
The financing could expand demand for licensed synthetic voices while increasing the importance of consent, compensation, usage boundaries and disclosure. Contracts should state where a voice may be used, for how long, in which territories and whether derivative or model-training uses are permitted.
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What the round does—and does not—prove
- It demonstrates strong investor demand for ElevenLabs’ next phase and gives Sequoia a board-level role.
- It supports the company’s plan to expand from speech generation into agents, localization and a broader audio platform.
- It does not prove $500 million of recognized revenue, profitability, market dominance or a guaranteed return.
- It does not establish that every later-disclosed investor participated in the original February closing.
Bottom line
ElevenLabs’ $500 million Series D is a bet that voice will become a core interface and production layer for software. The $11 billion valuation reflects confidence in enterprise agents, developer distribution, localization and cross-product expansion—not simply a better text-to-speech engine. Whether that price holds will depend on durable ARR, retention, unit economics, rights management and the company’s ability to stay differentiated as speech models become cheaper and more widely available.
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