Voice AI startup ElevenLabs announced today that it is permitting employees to sell a portion of their vested equity through a $300 million tender offer, which values the company at $22 billion. That figure doubles the $11 billion valuation the company held after raising $500 million in February.
The secondary transaction was co-led by institutional investors Wellington and T. Rowe Price, both of which typically back private companies with the intent to retain shares after a public listing. The offering gave employees the chance to liquidate some of their shares to outside investors.
The move is part of a broader trend among fast-growing AI startups to provide employee liquidity as a retention tool, aimed at reducing turnover and discouraging staff from moving to competitors.
This is the second time the four-year-old ElevenLabs has approved a secondary sale for employees. The company previously ran a $100 million tender in September 2025 that reflected a $6.6 billion valuation at the time.
Founded in 2022, ElevenLabs is known for producing ultra-realistic human voices and sound effects. With the new $22 billion valuation, the New York- and London-based company joins the ranks of Europe’s most valuable startups.
TechCrunch spoke with co-founder and CEO Mati Staniszewski last week.
Why this matters
- The transaction signals market validation of ElevenLabs' technology and growth prospects.
- Growing demand for employee liquidity alters the conventional path to liquidity through IPOs or later-stage fundraising, and represents a strategy some startups use to improve retention and competitiveness.
The company did not provide further financial details or full terms of the transaction in its announcement.
