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ElevenLabs Secures $180 Million in Series C Funding, Valuation Hits $3.3 Billion

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Voice AI startup ElevenLabs announced on Thursday that it has raised $180 million in a Series C funding round, bringing the company’s valuation to $3.3 billion, tripling its previous worth. The round was co-led by Andreessen Horowitz and Iconiq Growth, with participation from new investors such as NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund, and Lunate.

The surge in investment comes as venture capitalists look to capitalize on the growing commercial potential of generative AI products following the success of OpenAI’s ChatGPT. Based in London, ElevenLabs plans to use the new funds to further research into more expressive and controllable voice AI, create new products, and expand its tools for developers and businesses.

Since its founding in 2022, ElevenLabs has raised a total of $281 million. The company offers AI-generated voice tools that can create voices in different languages, accents, and emotional tones. CEO Mati Staniszewski emphasized that the goal of the funding is to create digital interactions that feel as natural and effortless as human conversations.

In 2024, ElevenLabs expanded its product offering to include speech generation, voice design, sound effects, and AI-driven dubbing in 32 languages. It has also forged partnerships with major publishers like The New Yorker, The Washington Post, and The Atlantic, as well as gaming studios such as Paradox and Cloud Imperium Games.

Existing investors such as Sequoia Capital, Salesforce Ventures, Smash Capital, and SV Angel are also increasing their backing.

 

Iconiq Growth Expands Leadership with Datadog’s Amit Agarwal as General Partner

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Iconiq Growth, the venture arm of Iconiq Capital, has appointed Amit Agarwal, President of cloud-based analytics firm Datadog, as a general partner in a strategic move to expand its leadership team. Agarwal brings over 12 years of experience from Datadog, a company that has been part of Iconiq’s portfolio for years.

In his new role, Agarwal will focus on software startups, particularly as artificial intelligence continues to reshape the technology landscape. Having worked closely with Iconiq Growth since its initial investment in Datadog in 2015, Agarwal’s ties to the firm run deep, especially through his relationship with Iconiq partner Matthew Jacobson, who sits on Datadog’s board.

“I want to join a multistage firm where I can invest in companies at different stages of their growth,” Agarwal stated. He emphasized the significant role Iconiq plays as a partner to its portfolio companies, leveraging its vast network of high-net-worth individuals, including influential tech figures like Mark Zuckerberg and Jack Dorsey, to support founders.

This addition to the leadership team follows Iconiq Growth’s expansion, which included five new partners last year, bringing the total to 16. The firm closed a $5.75 billion fund in 2024, despite a broader decline in venture capital fundraising, according to PitchBook. The larger fund size enables Iconiq Growth to delve deeper into early-stage investments, with half of their recent investments going to startups with revenues under $10 million.

Recent hires at Iconiq Growth have focused on experienced executives from major companies, also known as operators, further reinforcing its commitment to active engagement with portfolio companies.