ElevenLabs is eyeing a valuation of upwards of $6bn in an employee share sale, according to reports, as price tags for Europe’s AI startups boom.
The UK and US-based AI voice startup is a global leader in text-to-audio models and last raised in a $180m Series C at a $3.3bn valuation in January. A secondary share sale is now being discussed by the company, reported the Financial Times citing people familiar with the matter, which would double that figure.
ElevenLabs has courted some of the biggest names in VC since being founded in 2022 by Google and Palantir alumni.
The Series C round was co-led by Andreessen Horowitz and Iconiq Growth, and also featured new investors NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund and Lunate. Previous backers also include Sequoia Capital, Nat Friedman and Daniel Gross.
While European AI-native startups are still lagging behind the around $100bn of funds pumped into US companies developing the tech since the start of 2025 — spurred on by huge cheques for frontier labs like OpenAI and Anthropic — big deals have continued to roll in in the region as FOMO washes over VC.
€6.6bn has been invested into AI-native startups in Europe since January — including Mistral’s as yet unannounced €2bn raise — a figure which will likely double the €3.9bn picked up by companies in the sector in 2024 by the end of the year.
Other big money AI deals in the past eight months include German defence tech Helsing’s €600m Series D in June and UK-based DeepMind spinout Isomorphic Labs’ $600m raise in March.
Swedish vibe coding startup Lovable also raised $200m Series A at a $1.8bn valuation in July, months on from a $16m seed, and is reported to have had offers to more than double that valuation again.
German workflow automation company N8n picked up upwards of $100m in August in a round that saw it increase its valuation more than sevenfold from a previous raise in March.
ElevenLabs has been approached for comment.
