Scaleup Europe Fund Discusses Investment in ElevenLabs

The Scaleup Europe Fund, a €5 billion growth fund backed by the European Commission and managed by EQT AB, is in discussions to invest in the voice AI company ElevenLabs. The investment comes as ElevenLabs seeks to raise more than $500 million in its current funding round.

ElevenLabs specializes in AI models for voice cloning and dubbing, reporting over $330 million in annual recurring revenue for 2025. Although based in London, the company is eligible for the fund because its founders are from Warsaw and the firm is expanding operations in Poland. The Scaleup Europe Fund aims to close the late-stage funding gap in Europe to prevent high-growth companies from relying on U.S. investors.

The company's valuation has seen significant growth, reaching $11 billion in February after a round led by Sequoia Capital. Subsequent reports indicated a potential valuation of $22 billion during secondary share sale discussions. CEO Mati Staniszewski stated the company might be ready for an IPO in two to three years.