Voice AI startup ElevenLabs announced a new $22 billion valuation on Tuesday. The valuation doubles the $11 billion figure the company reached in February after raising $500 million. Wellington and T. Rowe Price co-led the recent transaction.
Investors backed the recent tender offer
The recent $300 million tender offer allowed employees to sell portions of their vested equity to investors. Wellington and T. Rowe Price are large institutional investors that back private companies. These investors intend to retain the stock after the company goes public.
Secondary transactions aid employee retention
The offering is part of a growing trend among fast-growing artificial intelligence startups. These companies use employee liquidity as a retention tool to prevent staff from leaving for competitors.
The startup grew rapidly since 2022
This is the second time that four-year-old ElevenLabs has authorized a secondary transaction for employees. The company previously held a $100 million tender at a $6.6 billion valuation in September 2025.
Founded in 2022, ElevenLabs generates ultra-realistic human voices and sound effects. The New York- and London-based startup now joins the ranks of Europe’s most valuable private companies. TechCrunch interviewed co-founder and CEO Mati Staniszewski last week.
