Scaleup Europe Fund in talks to invest in an ElevenLabs round of over $500M, per Bloomberg
- Raised
- $500M
- Place in VP50
- #8
- Sources
- 3
- Claims verified
- 7 of 7
What happened
Bloomberg reported on September 17, 2026 that the Scaleup Europe Fund was in talks to invest in ElevenLabs. The Next Web, relaying Bloomberg, said ElevenLabs aims to raise more than $500 million in the round. The fund is a €5 billion growth fund managed by the Swedish firm EQT, and the European Commission invested €1 billion in it. According to the reports, talks were ongoing, there was no guarantee a deal would happen, and EQT and ElevenLabs declined to comment. No valuation for the new round was reported. Dealroom described the round as a Series E.
In February 2026, ElevenLabs raised $500 million in a round led by Sequoia Capital at an $11 billion valuation. In July, Bloomberg reported early talks on a secondary share sale that could value the company at around $22 billion, which The Next Web described as about twice the February valuation. ElevenLabs reported more than $330 million in annual recurring revenue for 2025.
Key points
- The Scaleup Europe Fund was in talks to invest in an ElevenLabs round that the company aims to make more than $500M.12
- The €5B fund is managed by EQT and backed by the European Commission; the reports said a deal was not guaranteed.23
- No valuation for the new round was reported.23
- ElevenLabs raised $500M at an $11B valuation in February 2026, led by Sequoia Capital.23
- Bloomberg reported in July early talks on a secondary sale at around $22B.23
Why it matters
No valuation was reported for the new round, so the talks set no price. The most recent reported reference points are the $11B February round and the around $22B figure from the July secondary talks.
A €5B fund backed by the European Commission and managed by EQT was reported as a potential investor, following the Sequoia-led round in February.
Dealroom and The Next Web reported that CEO Mati Staniszewski has said the company could be ready for an IPO in two to three years. A new primary round would add another price point before any listing.
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
- Bloomberg reported on September 17, 2026 that the Scaleup Europe Fund was in talks to invest in ElevenLabs.Confirmed by [2] The Next Web, published September 17, 2026, which relays the Bloomberg report. The Bloomberg page [1] returned 403 for this check.Verified
- ElevenLabs aims to raise more than $500 million in the round.Confirmed by [2] The Next Web and [3] Dealroom, both relaying Bloomberg.Verified
- The fund is €5 billion, managed by EQT, with the European Commission investing €1 billion.Confirmed by [2] The Next Web (€5bn growth fund, EQT managing, Commission invested €1 billion) and [3] Dealroom (€5 billion fund managed by EQT, backed by the European Commission).Verified
- In February 2026 ElevenLabs raised $500 million at an $11 billion valuation, led by Sequoia Capital.Confirmed by [2] The Next Web and [3] Dealroom.Verified
- Bloomberg reported in July early talks on a secondary sale that could value ElevenLabs at around $22 billion.Confirmed by [2] The Next Web and [3] Dealroom, both citing the July Bloomberg report.Verified
- ElevenLabs reported more than $330 million in annual recurring revenue for 2025.Confirmed by [2] The Next Web and [3] Dealroom.Verified
- CEO Mati Staniszewski has said ElevenLabs could be ready for an IPO in two to three years.Confirmed by [2] The Next Web and [3] Dealroom.Verified
Sources
- [1]Bloomberg (opens in a new tab)Europe Tech Fund Said In Talks to Back AI Startup ElevenLabs
- [2]The Next Web (opens in a new tab)EU-backed Scaleup Europe Fund in talks to invest in ElevenLabsaims to raise over $500 million in this funding round
- [3]Dealroom (opens in a new tab)EU-backed €5B fund in talks to join ElevenLabs' $500M Series E
