ElevenLabs hits $11B valuation with backing from BlackRock, Nvidia

Voice artificial-intelligence company ElevenLabs has revealed new investors as part of its $500 million Series D, a late-stage funding round first announced in February. The funding has pushed the company’s valuation to $11 billion, up from $6.6 billion last September. The newly disclosed backers span institutional investors, corporate venture arms, and individual investors:

• Financial Institutions: BlackRock, Wellington, D.E. Shaw, and Schroders.
• Enterprise Investors: Nvidia, Salesforce Ventures, Santander, KPN, and Deutsche Telekom.
• Individual Investors: Actor Jamie Foxx, actress Eva Longoria, and Squid Game creator Hwang Dong-hyuk.

The company’s financial growth has kept pace with its valuation. ElevenLabs has surpassed $500 million in Annual Recurring Revenue (ARR), representing an increase from the nearly $350 million in ARR it recorded at the end of last year. According to co-founder and CEO Mati Staniszewski, the startup added $100 million in net new ARR during Q1 2026, ending the quarter at roughly $450 million in ARR. Alongside the Series D round, ElevenLabs closed a $100 million tender offer—a corporate finance transaction allowing shareholders to sell stock. This marks the company’s second tender offer in roughly six months, following a previous transaction last September.

This financial expansion is supported by accelerating enterprise adoption. Over the past quarter, ElevenLabs secured enterprise contracts with firms including Revolut, Klarna, and Deutsche Telekom. The latter’s involvement is paired with a strategic investment from T.Capital, the venture arm of Deutsche Telekom. Karine Peters, managing director at T.Capital, stated: “Voice is the highest-stakes channel for any customer interaction, and the bar for quality, latency, and security is extremely high. ElevenLabs is not just a category leader – it is becoming a foundational enabler of Deutsche Telekom’s broader Industrial AI vision. From voice-as-a-service to multilingual automation and in-network AI agents, we believe the company is uniquely positioned to reshape how businesses interact with customers across all channels.”

To support its technical scaling, ElevenLabs acquired the team from Polish voice AI startup Papla last month to bolster its research capabilities. Looking forward, Staniszewski announced in a blog post that the company will give retail investors an opportunity to invest in ElevenLabs through Robinhood Ventures, a platform for retail investment, though specific details of the program have not yet been disclosed.

Why it matters

ElevenLabs is rapidly transitioning from a viral consumer tool to a foundational enterprise infrastructure provider, evidenced by its massive ARR growth and strategic backing from financial and industrial giants.