Funding round
ElevenLabs Series B
ElevenLabs, which works in AI audio technology development in London, raised $80M in a Series B round announced on 22 Jan 2024, led by Andreessen Horowitz, Nat Friedman and Daniel Gross, at a $1.10B post-money valuation. 8 firms took part. It is ElevenLabs' third venture round on record; the one before was a Series A in Jun 2023.
$80M
Amount raised
$1.10B
Post-money valuation
$1.02B pre-money
8
Investors
3 leads
7.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced ElevenLabs at $1.10B after the new money. The $80M bought investors about 7.3% of the company. It came 7 months after ElevenLabs' Series A. It is 7.4% of the $1.08B ElevenLabs has raised in the venture rounds on record. ElevenLabs raised again 12 months later: a Series C round of $180M in Jan 2025, at $3.30B post-money.
ElevenLabs' funding rounds
ElevenLabs has 6 venture rounds on record. This one is highlighted.
- Pre-seed 23 Jan 2023, led by Credo Ventures $2.0M
- Series A 20 Jun 2023, led by Andreessen Horowitz, Nat Friedman and Daniel Gross $19M
- Series B this round 22 Jan 2024, led by Andreessen Horowitz, Nat Friedman and Daniel Gross $80M$1.10B post-money
- Series C 30 Jan 2025, led by Andreessen Horowitz and ICONIQ Growth $180M$3.30B post-money
- Series D 4 Feb 2026, led by Sequoia Capital $500M$11.00B post-money
- Growth 30 Sep 2026, led by Wellington Management and T. Rowe Price $300M$22.00B post-money
Investors
Who put money in
Andreessen Horowitz, Nat Friedman and Daniel Gross led the round with 5 other firms.
Lead investors
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Nat Friedman
- Daniel Gross
Also in the round
- Sequoia Capital backs 589 venture-backed companies new investor
- Smash Capital new investor
- SV Angel backs 293 venture-backed companies new investor
- backs 5 venture-backed companies new investor
- backs 37 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
558 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $26M, and this round was 3.1 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 23 Jan 2024 | $87M | not disclosed | Energize Capital and GreenPoint |
| Perplexity Tech Companies | 4 Jan 2024 | $74M | $520M | Institutional Venture Partners |
| Tech Companies | 11 Jan 2024 | $73M | not disclosed | Battery Ventures |
| Tech Companies | 1 Jan 2024 | $65M | $500M | Kleiner Perkins |
| Luma AI Tech Companies | 9 Jan 2024 | $43M | $200M | Andreessen Horowitz |
| Tech Companies | 31 Jan 2024 | $43M | not disclosed | New Enterprise Associates |
| Tech Companies | 11 Jan 2024 | $42M | not disclosed | not named |
| Tech Companies | 19 Jan 2024 | $40M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did ElevenLabs raise in its Series B round?
ElevenLabs raised $80M in its Series B round, announced in Jan 2024.
Who led ElevenLabs' Series B round?
Andreessen Horowitz, Nat Friedman and Daniel Gross led it, with Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital and Credo Ventures.
What was ElevenLabs' valuation at the Series B round?
$1.10B post-money ($1.02B pre-money).
How does it compare with other Series B rounds in Tech Companies?
558 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $26M, and this round was 3.1 times the median.
Did ElevenLabs raise again after this round?
Yes: a Series C round in Jan 2025 of $180M at $3.30B post-money.