ElevenLabs is pursuing a funding round of more than $500 million, with the €5 billion Scaleup Europe Fund managed by EQT in discussions to provide the capital. The talks have not been finalized. The London- and New York-founded AI voice company closed a $500 million Series D on Feb. 4, 2026, led by Sequoia Capital at an $11 billion post-money valuation, up from $3.3 billion after its Series C in January 2025. Andreessen Horowitz and ICONIQ participated again, alongside new investors Lightspeed Venture Partners and Evantic Capital. ElevenLabs has raised $781 million since its 2022 founding and reported more than $330 million in annual recurring revenue by the end of 2025, surpassing $500 million by early May 2026. Its customers include Deutsche Telekom, Revolut and Klarna, while a Sept. 10, 2026, licensing agreement with Universal Music Group supports an AI-powered music platform. The company is also exploring expansion in India, Japan, Singapore, Brazil and Mexico. A separate potential secondary sale had previously been discussed at an approximately $22 billion valuation. If the new fundraise closes, total funding would exceed $1.2 billion.