ElevenLabs $500m funding round draws Scaleup Europe Fund talks
Bloomberg reports that EQT-managed Scaleup Europe Fund is discussing an ElevenLabs investment, but no transaction or terms have been confirmed.
By Dominic Okoye · Staff Writer
· 3 min read
ElevenLabs is seeking more than $500 million in a new financing, and the €5 billion Scaleup Europe Fund is in talks to participate, according to Bloomberg. The reported ElevenLabs $500m funding round would bring one of Europe’s newest growth vehicles into discussions with a London-based voice AI company whose previous primary round closed only in February.
Bloomberg reported on September 17 that the fund, managed by Swedish private-equity firm EQT, was discussing an investment in ElevenLabs, citing people familiar with the matter. The Next Web, also citing Bloomberg, reported that negotiations were ongoing and a deal was not assured. EQT and ElevenLabs declined to comment to Bloomberg.
What is known about the ElevenLabs funding talks?
The reports describe an uncompleted investment discussion, not a closed round. ElevenLabs is said to be seeking more than $500 million in total. The cited reports do not state the fund’s proposed cheque size, a valuation, a lead investor or a timetable. Confirmation would require an announcement from the parties or fund representatives.
The Scaleup Europe Fund has €5 billion in capital and is backed by the European Commission, according to The Next Web. Its reported objective is to address Europe’s late-stage funding gap, allowing companies to raise capital in the region rather than turn to US investors. Bloomberg said the fund was established earlier in 2026 and had already made several investments in privately held European technology companies.
That background makes ElevenLabs an unusual prospective portfolio company. The business is headquartered in London, outside the EU, while its co-founders, chief executive Mati Staniszewski and Piotr Dąbkowski, are from Warsaw. The Next Web reported that the company is expanding its Polish team. What that geographic mix means for the fund’s investment approach remains unanswered by the reports.
How does the reported round differ from ElevenLabs’ earlier deals?
The potential new primary financing should not be confused with two earlier events. ElevenLabs raised $500 million in February at an $11 billion valuation in a round led by Sequoia Capital, according to The Next Web and Dealroom. Separately, Bloomberg reported in July that the company was in early discussions about a secondary share sale at a valuation of about $22 billion. A secondary sale lets existing holders sell shares; it is different from a new capital raise into the company.
The fund has recently backed several large European technology financings, including Iceye’s €1 billion Series F, Lovable’s $400 million round, Mistral AI’s €3 billion Series D and Tandem Health’s $100 million Series B, The Next Web reported. Those transactions provide the relevant context for the talks, but they do not establish the terms or likelihood of an ElevenLabs deal.
ElevenLabs builds AI models for generating and cloning voices used in dubbing, audiobooks, advertising and call centres. The company reported more than $330 million in annual recurring revenue for 2025, according to The Next Web. That figure is a company performance claim cited by the publication, rather than independently published financial statements.
This story draws on original reporting from Sifted.
