EU-backed Scaleup Europe Fund in Talks to Invest in ElevenLabs
September 17, 2026 - 11:24 am
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 states that ElevenLabs aims to raise over $500 million in this funding round. However, sources indicate that talks are ongoing and a deal is not guaranteed. EQT, the Swedish firm managing the fund, and ElevenLabs both declined to comment to Bloomberg.
This investment round would follow several significant deals for the fund, which began investing this summer:
- Co-led Iceye’s €1bn Series F in August
- Participated in Lovable’s $400 million round at a $13.3 billion valuation
- Invested in Mistral AI’s €3bn Series D
- This week, backed Tandem Health’s $100 million Series B
The Commission invested €1 billion in the fund, alongside Allianz, APG, Novo Holdings, CriteriaCaixa, and Santander’s Mouro Capital.
The fund aims to address Europe's late-stage funding gap, enabling promising companies to raise capital and stay within Europe rather than seeking US investors.
Despite ElevenLabs' London base outside the EU, founders Mati Staniszewski and Piotr Dąbkowski are from Warsaw and the company is expanding its team in Poland. Poland’s state development bank purchased a small stake in June.
ElevenLabs 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 the company at $11 billion. The company reported over $330 million in annual recurring revenue for 2025. In July, Bloomberg reported ElevenLabs was exploring a secondary share sale targeting around $22 billion—approximately double its February valuation.
The number 11 appears frequently in the company's financials. Bloomberg noted that ElevenLabs' job ads mention past valuations and fundraising rounds have been multiples of 11. Poland’s initial investment was $11 million.
Staniszewski has expressed interest in an IPO in two to three years, potentially considering a dual listing in Warsaw.
Written by: Ana-Maria Stanciuc, Editor-in-Chief, TNW
Get the TNW newsletter and stay up-to-date on all things technology.