Deal talks and where they stand
Scaleup Europe Fund is in discussions to invest in ElevenLabs Inc., according to people briefed on the situation. The conversations are active, but they cautioned there is no certainty an agreement will be reached. Representatives for EQT and for ElevenLabs declined to comment.
What ElevenLabs is raising and building
People familiar say ElevenLabs aims to bring in over $500 million in its current raise. The company's tech generates natural-sounding voices for uses that range from ads and audiobooks to customer support centers and sales training. In July, Bloomberg News reported the startup held early conversations about a secondary sale that could imply a valuation near $22 billion.
A previous round led by Sequoia Capital pegged the company at $11 billion. In job postings, ElevenLabs has highlighted that earlier valuations and fundraising totals landed on multiples of 11.
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The fund, its backers and what it has backed
EQT AB, a private equity group based in Sweden, oversees the Scaleup Europe Fund, which amounts to €5 billion ($5.8 billion). It is supported by venture capital, pension plans and asset managers, and is anchored with €1 billion from the European Commission. Since its debut earlier this year, the fund has invested in privately held European tech outfits such as Swedish coding startup Lovable, Iceye Oy, a Finnish satellite firm, and France's Mistral AI.
Why this matters for your money
Voice AI is moving quickly from novelty to infrastructure, and capital is chasing the winners. If you follow fast-growing private tech, keep an eye on whether these talks conclude, how much ElevenLabs ultimately raises, and how that stacks against the reported $22 billion secondary chatter. Those milestones hint at where investor confidence is flowing in AI and where the next wave of public-market narratives could come from.
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