EU Fund Scaleup Europe Plans Multi-Million Dollar Investment in ElevenLabs
Article excerpt
ElevenLabs is negotiating with the Scaleup Europe Fund about a financing round of over 500 million dollars. The EU fund aims to strengthen European AI champions. According to financial circles, the AI audio company ElevenLabs is negotiating a new financing round of more than 500 million dollars. Among the potential investors is the Brussels-backed Scaleup Europe Fund, which, with a volume of 5 billion euros, specifically supports late-stage financing rounds of European technology companies. The Scaleup Europe Fund is managed by the investment company EQT and supported by the European Commission and institutions such as Allianz, APG, Novo Holdings, CriteriaCaixa, and Mouro Capital. The fund's goal is to prevent European growth companies from having to raise their late-stage capital almost exclusively in the USA. Among the fund's recent investments are: The startup ElevenLabs was founded in 2022 by Mati Staniszewski and Piotr Dąbkowski. The founders left their positions at Palantir and Google to develop realistic-sounding AI voices. The company's valuation has risen sharply since its founding. Following a Series D round of over 500 million dollars led by Sequoia Capital in February 2026, the valuation stood at 11 billion dollars. Co-founder Mati Staniszewski stated regarding the company's long-term direction that they want to make ElevenLabs "ready for an IPO within 2 to 3...
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The company expects an increase in annual recurring revenue (ARR) from 350 million dollars at the end of 2025 to more than 500 million dollars in the first 4 months of 2026.
