European Tech Fund Scaleup Europe in Talks to Invest in AI Voice Startup ElevenLabs, Which Seeks Over $500 Million in Funding

On September 17, the newly established European tech fund Scaleup Europe Fund is in talks to invest in UK-based AI voice startup ElevenLabs, which is seeking to raise over $500 million in this round. The fund, with a size of 5 billion euros (approximately $5.8 billion) and managed by Swedish private equity firm EQT, has invested in several European private tech companies since its inception earlier this year. Sources familiar with the matter said negotiations are ongoing and the deal may not be completed.

Previously, ElevenLabs had held talks with investors regarding a secondary market offering at a valuation of approximately $22 billion, with its last funding round valuing the company at around $11 billion; the company uses AI to generate realistic voices for use in advertising, audiobooks, call centers, and sales training.

[TechFlow]