Scaleup Europe Fund Is in Talks to Invest in ElevenLabs

Scaleup Europe Fund is in talks to invest in British AI voice startup ElevenLabs, which is seeking to raise more than $500 million in its latest round. According to ChainCatcher, the negotiations are ongoing and the deal may not be completed. The European fund has a size of 5 billion euros and is managed by Swedish private equity firm EQT. Since its launch earlier this year, it has invested in several European private technology companies. People familiar with the matter said ElevenLabs had previously discussed a secondary share sale at a valuation of about $22 billion. Its last funding round valued the company at about $11 billion. ElevenLabs uses AI to generate realistic voices for advertising, audiobooks, call centers, and sales training.