ElevenLabs has completed a $300 million tender offer that lets employees sell shares at a $22 billion valuation, twice the price set in its funding round in February, TechCrunch reported Wednesday. The company confirmed the deal in a blog post that also listed the buyers and gave new figures on how its voice agents are being used.

What Happened

Wellington and T. Rowe Price co-led the transaction. ElevenLabs said new investors EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures and BDT & MSD took part, alongside existing backers including Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE and Alkeon.

The new price marks a fast climb. In February the company raised $500 million at an $11 billion valuation, a round ElevenLabs calls its Series D. A year ago, in September 2025, it ran its first employee tender, a $100 million sale at $6.6 billion. The September 2026 deal therefore more than triples the valuation employees could sell at in the space of twelve months.

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Alongside the sale, ElevenLabs released operating figures. It said its platform now handles more than 15 million conversations a week, three times the February level, and that annual recurring revenue from ElevenAgents, its product for building voice agents, has also tripled since then. Enterprise customers account for 55% of revenue, according to the company, and its technology is used by five of the ten largest tech companies, five of the ten largest insurers and four of the ten largest telecom operators. The company, which has more than 800 employees, also claimed its voice agents resolve customer issues 31% faster than chat on average.

Co-founder and CEO Mati Staniszewski said employees should share in the value they help build as the company grows.

Why It Matters

A tender offer is a secondary sale: outside investors buy shares from current holders, so the money goes to employees rather than onto the company's balance sheet. TechCrunch described the move as part of a broader pattern among fast-growing AI startups that use liquidity for staff to keep them from being hired away by rivals. For a company competing for speech and agent engineers with far larger AI labs, cashing out part of employees' equity at double the February price is a direct answer to that pressure.

The disclosures also stop short of the figure investors usually focus on. TechCrunch noted that ElevenLabs gave no revenue total, and the company's own post reports growth multiples and customer shares without a dollar base. That leaves the $22 billion price resting on usage growth and enterprise adoption that outsiders cannot yet measure against sales.

Context

Founded in 2022 and based in New York and London, ElevenLabs built its name on realistic synthetic voices and sound effects and has become one of Europe's most valuable startups, according to TechCrunch. It has since pushed into customer service and other voice-agent deployments, which is where the new usage figures come from. Last week it released its v4 speech models.

What to Watch

ElevenLabs has not given a timeline for an initial public offering or a new primary funding round. The next useful signals are whether it discloses an absolute revenue or ARR number, whether the investors who bought in this round lead a future capital raise, and whether rival voice-AI companies follow with tenders of their own to hold on to staff.