Voice AI startup ElevenLabs disclosed additional investors participating in its $500 million Series D funding round, while also reporting that its annual recurring revenue has exceeded $500 million as the company expands enterprise partnerships and research efforts.
The company first announced the Series D round in February at an $11 billion valuation. Newly revealed institutional investors include BlackRock, Wellington, D.E. Shaw, and Schroders. Enterprise-backed investors participating in the round include Nvidia, Salesforce Ventures, Santander, KPN, and Deutsche Telekom. Individual investors include actor Jamie Foxx, actor Eva Longoria, and “Squid Game” creator Hwang Dong-hyuk.
ElevenLabs said it surpassed $500 million in annual recurring revenue after finishing 2025 with nearly $350 million in ARR. Co-founder and CEO Mati Staniszewski said last month that the company added $100 million in net new ARR during the first quarter of 2026, bringing total ARR to roughly $450 million at the end of the quarter.
Valuation Growth Accelerates
The startup’s valuation has increased rapidly over the past year. ElevenLabs was valued at $6.6 billion in September before reaching $11 billion in February during the latest fundraising round.
The company also disclosed that it completed a separate $100 million tender offer. The transaction marks the second tender process in about six months after ElevenLabs conducted another one in September last year.
Staniszewski said in a blog post that the company plans to allow retail investors to invest in ElevenLabs through Robinhood Ventures. He did not provide additional details about how the program would operate or when it would launch.
Enterprise Contracts Expand
During the past quarter, ElevenLabs signed enterprise agreements with companies including Deutsche Telekom, Revolut, and Klarna.
“Voice is the highest-stakes channel for any customer interaction, and the bar for quality, latency, and security is extremely high,” Karine Peters, managing director at Deutsche Telekom venture arm T.Capital, said in a statement.
Peters added that ElevenLabs is becoming “a foundational enabler” for Deutsche Telekom’s industrial AI efforts across voice services, multilingual automation, and AI agents used within telecommunications networks.
Research Team Grows Following Acquisition
Staniszewski said the company is focused on building “human-level AI voice models,” adding that consumers are unlikely to trust systems that sound robotic or behave unnaturally during interactions.
Last month, ElevenLabs acquired the team from Polish voice AI startup Papla as part of efforts to strengthen its research operations.
Featured image credits: Wikimedia Commons
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