The EU-backed Scaleup Europe Fund is in discussions to invest in London-based voice AI startup ElevenLabs as part of a funding round that could raise over $500 million, according to Bloomberg. This would mark the fund's first investment outside the European Union, highlighting ElevenLabs' position as a leading player in voice AI technology.
ElevenLabs, currently the uncontested European leader in voice AI, is negotiating with the Scaleup Europe Fund to secure a stake in the upcoming round. The talks come amid a broader funding effort that Bloomberg reports could exceed $500 million, underscoring significant investor interest in the startup’s technology and market potential.
The potential investment by the Scaleup Europe Fund is notable as it represents the bloc’s flagship vehicle for supporting scaleups, aiming to boost innovative companies within and now beyond the EU. ElevenLabs’ leadership in voice AI places it alongside other high-profile startups attracting large funding rounds, reflecting the growing importance of voice technology in the AI sector.
The Scaleup Europe Fund’s possible investment in ElevenLabs would be its first outside the EU, signaling a strategic expansion. The fund’s decision is expected to be finalized in the near term, with the round’s total size potentially surpassing $500 million, according to Bloomberg’s report.