Eleven Labs Revenue and Valuation: $500M ARR, an $11B Price Tag, and Where the Numbers Disagree

Eleven Labs, the voice AI company Mati Staniszewski and Piotr Dąbkowski founded in 2022, crossed $500 million in annual recurring revenue in April 2026 — the company announced the milestone itself on May 5, 2026, after ending 2025 at $350 million. Its valuation is $11 billion, set by a $500 million Series D led by Sequoia Capital that closed February 4, 2026. GetLatka’s database, which tracks the company at its Eleven Labs profile, records the same $500 million figure as of May 2026 and $881 million raised across six rounds.

Those are the headline numbers. What follows is every dated milestone behind them, who reported each one — and the four places where the public record and our own database disagree.

Eleven Labs revenue: $0 to $500M ARR in about four years

ElevenLabs opened its beta to the public in January 2023 and monetized almost immediately on a freemium model. GetLatka’s database logs $4.6 million in revenue by December 2023, the first full year of the product.

The next reliable public reading came during the Series C fundraise. Press reports circulating in late 2024 put ARR at roughly $80 million as of October 2024, with sources estimating it closer to $90 million by November — up from a figure of about $25 million credited to 2023. (That $25 million sits awkwardly next to our own $4.6 million December 2023 entry; more on that below.)

From there the curve steepened. GetLatka’s database logs $100 million in April 2025. By the time the company confirmed its September 2025 employee share sale, tech.eu reported it had passed $200 million ARR, less than three years after launch. On January 13, 2026, CEO Mati Staniszewski told TechCrunch the company had crossed $330 million ARR in 2025, crediting large enterprise customers including Deutsche Telekom, Square and Revolut. The company’s own May 5, 2026 post puts year-end 2025 at $350 million and says it crossed $500 million within the first four months of 2026 — roughly $150 million of net new ARR in a four-month stretch, or about $37 million a month.

ARR here follows the convention the original reporting used: latest monthly revenue multiplied by 12. It is a run rate, not audited annual revenue.

Eleven Labs valuation and funding history

ElevenLabs has priced itself six times in four years, and the curve is unusually clean: each primary round roughly tripled the last.

The Series C, announced January 30, 2025, brought in strategic investors including Deutsche Telekom, LG Technology Ventures, HubSpot Ventures, NTT DOCOMO Ventures and RingCentral Ventures. The September 2025 tender was not new capital — it let employees with more than a year at the company sell $100 million of existing shares at a $6.6 billion mark, double the Series C price nine months earlier, per Bloomberg. The Series D added Lightspeed, Evantic Capital and BOND as new investors, with a16z and ICONIQ taking super pro-rata positions. A follow-on announced May 5, 2026 widened the cap table further: BlackRock, Wellington, D.E. Shaw, Schroders, NVIDIA’s NVentures, Salesforce and Santander, plus retail access through Robinhood Ventures.

Two totals circulate, and both are right. Add the primary rounds — $2M + $19M + $80M + $180M + $500M — and you get the $781 million TechCrunch cites. GetLatka’s $881 million includes the $100 million September tender, which bought existing shares rather than funding the company.

On multiples: the Series C’s $3.3 billion, set against the roughly $90 million ARR being reported at the time, was about 37x — the figure contemporaneous coverage used. The Series D’s $11 billion against the $330–350 million just booked for 2025 works out to 31–33x; against the $500 million crossed two months after the round closed, it is 22x. The market priced the growth rate, and so far the growth rate has kept up.

What is driving the revenue

The short answer is enterprise voice agents. In its Series D announcement the company said the new capital goes primarily into ElevenAgents, its platform for customer-experience, sales and internal-workflow voice agents — a shift up the stack from the text-to-speech API that made it famous. The customers Staniszewski named to TechCrunch in January 2026 — Deutsche Telekom, Square, Revolut — are agent deployments, not audiobook narration.

Headcount has scaled far slower than revenue. GetLatka’s database has the team at 21 people in December 2022, 42 in December 2023, 155 in September 2024, 291 in April 2025 and 580 by November 2025. The company has stayed distributed since day one, with research concentrated in the UK and Poland — the founders are childhood friends from Poland who have said the original inspiration was badly dubbed American films.

Where the numbers disagree

Four figures in this story do not line up, and it is worth saying so plainly rather than averaging them away.

• 2023 revenue. GetLatka’s database logs $4.6 million at December 2023; press accounts during the Series C credited 2023 with about $25 million. Both cannot be year-end 2023 figures. The likeliest explanation is a run-rate versus calendar-year mismatch — ARR taken in early 2024 versus revenue actually booked in 2023 — but we cannot confirm which definition the $25 million used, so we flag it rather than resolve it.
• Year-end 2025 ARR. Staniszewski told TechCrunch in mid-January 2026 the company had “crossed $330 million”; the company’s May 2026 post says $350 million. Both are company-sourced. The later figure most likely reflects final December numbers that were not closed when the CEO spoke.
• Total funding. $781 million (primary capital, TechCrunch) versus $881 million (GetLatka, including the $100 million employee tender). Different definitions, both accurate.
• Headcount. GetLatka’s database shows 580 employees in November 2025 but carries a ~400 estimate for February 2026, sourced from Wikipedia. No layoffs have been reported, so we treat the 400 as an estimation artifact, not a real one-third reduction — and we have flagged it for correction.

For the running numbers as they update, the live tracker is on GetLatka’s Eleven Labs page.