ElevenLabs said on September 30 it had completed a $300 million employee tender offer valuing the AI voice startup at $22 billion — double the $11 billion it secured in its February funding round. The tender was led by Wellington and T. Rowe Price, with participation from existing backers Andreessen Horowitz and Lightspeed plus new investors including EQT and Goldman Sachs.

Unlike a conventional raise, the tender gives employees and existing shareholders liquidity without necessarily raising new operating capital. The company says its ElevenAgents platform now handles more than 15 million conversations each week — triple the February volume — performing tasks like processing refunds, renewing insurance policies, and booking appointments.

The valuation lands as big tech moves into the same territory: Reuters noted Meta is expanding its Muse personal agent to small businesses. Voice-first customer agents have clearly moved from pilots into daily operations at enterprise scale.