UK-based artificial intelligence startup ElevenLabs is reportedly seeking to raise more than $500 million in a new funding round.
The $5.8 billion Scaleup Europe Fund, managed by Swedish private equity firm EQT AB, is in talks to invest in the round, Bloomberg reported Thursday, citing people with knowledge of the matter. Negotiations are ongoing, and a deal may still not be completed, the people said. ElevenLabs and EQT declined to comment.
Scaleup Europe Fund made its first investment earlier this year, co-leading a round for Finnish satellite company ICEYE. Other investments include Swedish coding firm Lovable and France's Mistral AI. The public-private fund is backed by venture capital, pension funds, and asset managers, and was anchored by €1 billion ($1.15 billion) from the European Commission.
Founded in 2022 by Polish entrepreneurs Piotr Dabkowski and Mateusz Staniszewski, ElevenLabs is an AI research and product company that focuses on realistic voice technology, conversational AI agents, and other audio applications.
In July, Bloomberg reported that ElevenLabs had held early talks with investors over a secondary offering that would value the startup at around $22 billion. ElevenLabs was previously valued at $11 billion following a $500 million Series D funding round led by Sequoia Capital, announced in February. Andreessen Horowitz, ICONIQ, Lightspeed Venture Partners, Evantic Capital, BOND, BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital are also among ElevenLabs' existing investors.