Credit: ElevenLabs
The Scaleup Europe Fund, a €5bn growth fund backed by the European Commission, is in discussions to invest in the voice AI company ElevenLabs, according to Bloomberg.
The report says ElevenLabs aims to raise over $500 million in this funding round.
Talks are ongoing, and there is no guarantee a deal will happen, according to the sources. EQT, the Swedish firm managing the fund, and ElevenLabs both declined to comment to Bloomberg.
This funding round would come after several big investments by the fund, which began investing this summer.
It co-led Iceye’s €1bn Series F in August, took part in Lovable’s $400 million round at a $13.3 billion valuation, Mistral AI’s €3bn Series D, and this week, Tandem Health’s $100 million Series B.
The Commission invested €1 billion in the fund, along with Allianz, APG, Novo Holdings, CriteriaCaixa, and Santander’s Mouro Capital.
The fund’s goal is to close Europe’s late-stage funding gap, so that promising companies can raise capital and remain in Europe rather than seeking US investors.
On paper, ElevenLabs is an unusual choice. The company is based in London, outside the EU, but its founders, CEO Mati Staniszewski and Piotr Dąbkowski, are from Warsaw, and the company is expanding its team in Poland. Poland’s state development bank bought a small stake in June.
The company develops AI models that create and clone voices for dubbing, audiobooks, advertising, and call centers.
In February, it raised $500 million in a round led by Sequoia Capital, valuing it at $11 billion. The company also reported more than $330 million in annual recurring revenue for 2025.
In July, Bloomberg reported that ElevenLabs was in early discussions about a secondary share sale that could value the company at around $22 billion, about twice its February valuation.
The number 11 appears often in the company’s finances. Bloomberg noted that ElevenLabs’ job ads mention its past valuations and fundraising totals have been multiples of 11. Poland’s stake, bought through BGK’s venture arm Vinci, was $11 million.
Staniszewski has said the company might be ready for an IPO in two to three years and could consider a dual listing in Warsaw.
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