ElevenLabs raises $500M Series D at $11B led by Sequoia

Sequoia partner Andrew Reed joined the board as part of the round. Andreessen Horowitz quadrupled its investment and ICONIQ tripled its stake. New investors included Lightspeed Venture Partners, Evantic Capital and Bond. The company said it closed 2025 with over $330 million in ARR, with customers such as Deutsche Telekom, Square, Revolut and the Ukrainian Government. Proceeds go to ElevenAgents, its enterprise voice agent platform, to research on emotional conversational models and dubbing, and to local sales teams in 14 cities. The prior mark was $3.3 billion from a $180 million Series C in January 2025. Growth continued after the close: ARR crossed $500 million in April 2026. Reports also describe preliminary talks on a secondary sale at roughly double the February valuation, and a possible IPO around 2028. Competition comes from Deepgram, Cartesia and the model labs. For founders, the round shows where voice money is going: enterprise agent contracts, not consumer text-to-speech. Enterprise voice-agent deals can reach $2 million each. Startups in the category now compete against a well-funded incumbent with global go-to-market coverage, so a narrow vertical or a clear latency or cost edge matters more than general voice quality.