The EU’s 5-billion-euro tech fund has approached ElevenLabs, with plans to invest in the UK-based voice AI unicorn.
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Bloomberg reports that people familiar with the matter said the newly established European tech growth fund Scaleup Europe Fund is in talks to invest in UK-based artificial intelligence company ElevenLabs Inc. The €5 billion fund, managed by Swedish private equity firm EQT AB, has made a series of investments in multiple unlisted European tech firms since its launch earlier this year, focusing on strategic sectors including AI, quantum technology, semiconductors, robotics, energy, aerospace and biotech. Its goal is to fill Europe’s late-stage financing gap and prevent high-growth companies from turning to the U.S. for capital. ElevenLabs is renowned for generative voice and conversational AI. In February this year, it closed a roughly $500 million Series D funding round led by Sequoia Capital, valuing the company at around $11 billion, and has attracted additional investments from firms such as a16z and ICONIQ. Discussions between the two sides are still ongoing, with details including the investment amount, valuation, and whether the fund will lead or participate in the round yet to be finalized.
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