ElevenLabs closes $300M employee tender at $22B valuation, double February's
- Raised
- $300M
- Valuation
- $22B
- Place in VP50
- #8
- Sources
- 3
What happened
ElevenLabs said on September 30, 2026 that it had closed a $300 million employee tender offer at a $22 billion valuation. The tender was co-led by Wellington and T. Rowe Price. Reuters noted that a tender lets employees and existing shareholders sell stock without the company raising new capital. Reuters also reported that the $22 billion valuation is double the $11 billion set in February, when ElevenLabs raised a $500 million Series D.
The company named BDT & MSD, EQT, GIC, Goldman Sachs, OTPP and Sapphire Ventures as first-time investors in the tender. Existing investors including Alkeon, Andreessen Horowitz, D.E. Shaw, DISRUPTIVE, Evantic, ICONIQ and Lightspeed also took part. TechCrunch described it as the second secondary transaction ElevenLabs has authorized for employees, after a $100 million tender at a $6.6 billion valuation in September 2025. ElevenLabs has more than 800 employees and says it is committed to giving them regular opportunities for liquidity. No per-share price was given in the sources read.
Key points
- ElevenLabs closed a $300 million employee tender offer, announced September 30, 2026.123
- The tender values the company at $22 billion, double the $11 billion valuation from February's $500 million Series D.23
- Wellington and T. Rowe Price co-led the tender.123
- First-time investors include BDT & MSD, EQT, GIC, Goldman Sachs, OTPP and Sapphire Ventures.1
- It is the second employee tender; the first was $100 million at a $6.6 billion valuation in September 2025.2
Why it matters
The $22 billion tender sets a fresh reference for the company, double the $11 billion Series D mark from February. It is a secondary transaction, so the price applied to existing shares rather than to a new share issue.
The tender gave employees $300 million of liquidity, and the company says it is committed to regular liquidity opportunities. The first tender, in September 2025, was $100 million.
TechCrunch describes Wellington and T. Rowe Price as investors that back private companies intending to keep the stock after a listing. Their role as co-leads places such holders on the register before any public offering.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series B | Jan 22, 2024 | $1.1B | $80M | Andreessen Horowitz, Daniel Gross, and Nat Friedman |
| Series C | Jan 30, 2025 | $3.3B | $180M | Andreessen Horowitz and ICONIQ Growth |
| Series D | Feb 4, 2026 | $11B | $500M | Sequoia Capital |
| Series D extension | Jun 17, 2026 | $11B | $11M | Unknown |
Updated
Fact-check
- ElevenLabs closed a $300 million employee tender offer on or around September 30, 2026.Confirmed by [1] ElevenLabs: the company states a $300 million employee tender offer has closed. [2] TechCrunch, dated September 30, 2026, reports the same $300 million tender.Verified
- The tender values ElevenLabs at $22 billion.Confirmed by [1] ElevenLabs, [2] TechCrunch and [3] MarketScreener (Reuters): all give a $22 billion valuation.Verified
- The $22 billion valuation is double the $11 billion valuation from the $500 million Series D in February 2026.Confirmed by [3] MarketScreener (Reuters): a $500 million Series D in February at an $11 billion valuation. [2] TechCrunch gives the $11 billion and $500 million February raise without naming the series. [1] ElevenLabs says the valuation doubles the February 2026 Series D but does not state the figure.Verified
- Wellington and T. Rowe Price co-led the tender.Confirmed by [1] ElevenLabs, [2] TechCrunch and [3] MarketScreener (Reuters): Wellington and T. Rowe Price led the tender.Verified
- BDT & MSD, EQT, GIC, Goldman Sachs, OTPP and Sapphire Ventures are first-time investors; Alkeon, Andreessen Horowitz, D.E. Shaw, DISRUPTIVE, Evantic, ICONIQ and Lightspeed are existing investors.Confirmed by [1] ElevenLabs, which lists these investors as new and existing. [3] MarketScreener (Reuters) separately names Andreessen Horowitz and Lightspeed as existing and EQT and Goldman Sachs as new.Verified
- This is the second employee tender; the first was $100 million at a $6.6 billion valuation in September 2025.Confirmed by [2] TechCrunch: the second time ElevenLabs has authorized a secondary transaction for employees, after a $100 million tender at a $6.6 billion valuation in September 2025.Verified
Sources
- [1]ElevenLabs (opens in a new tab)ElevenLabs valuation increases to $22 billion fueled by enterprise demand for conversational agentscommitted to giving our team regular opportunities for liquidity
- [2]TechCrunch (opens in a new tab)AI voice startup ElevenLabs doubles valuation to $22Bco-led by Wellington and T. Rowe Price
- [3]MarketScreener (Reuters) (opens in a new tab)ElevenLabs' valuation doubles to $22 billion on surging AI voice-agent demand
