ElevenLabs completed a $300 million employee tender offer that values the company at $22 billion, double the $11 billion valuation it reached in February, according to TechCrunch and the company's own announcement.
Wellington and T. Rowe Price led the tender, with new investors EQT, Goldman Sachs, GIC, Ontario Teachers' Pension Plan, Sapphire Ventures and BDT & MSD buying in for the first time, ElevenLabs said. Existing backers including Andreessen Horowitz, Lightspeed and ICONIQ also participated, according to the company.
ElevenLabs makes AI voice generation and translation tools used in more than 90 languages, and its AI agents now handle more than 15 million conversations a week, triple the volume in February, the company said. It previously raised its valuation through a $100 million tender at $6.6 billion in September 2025, according to TechCrunch.
A tender offer is not new funding, it is existing investors buying out employee shares at a higher price, which makes the number a signal about demand for the stock rather than fresh cash in the bank. Doubling that number in about eight months says investors think voice AI usage is still compounding, not plateauing.