ElevenLabs Surpasses $500 Million Annual Recurring Revenue

Voice AI company ElevenLabs crossed $500 million in annual recurring revenue in the first four months of 2026, following a $500 million funding round that closed in early February 2026 led by Sequoia Capital, Iconiq Capital and Andreessen Horowitz. The company is valued at $11 billion. India is ElevenLabs' second-largest market globally by revenue, where customers include leading consumer internet, ecommerce, media and education companies.

Activate's ElevenLabs investment

• ▪Activate's investment in ElevenLabs was facilitated via a separate vehicle backed by Activate's limited partners or sponsors in the fund
• ▪Venture capital firm Activate made a strategic stake investment in ElevenLabs in 2026
• ▪Activate will give early-stage Indian startups preferential access to build on ElevenLabs' voice infrastructure
• ▪Activate's investment in ElevenLabs is the firm's first bet on a global growth-stage AI company since the $75-million AI-focused fund was launched in 2025
• ▪Activate will act as ElevenLabs' on-the-ground venture partner in India to help the company deepen its enterprise relationships

ElevenLabs India market presence

• ▪ElevenLabs has a rapidly growing base of developers building on its platform across multiple languages and use cases in India
• ▪Startups including Wispr Flow, Bolna AI, Murf AI, Cartesia and Gnani.ai are expanding their offerings across enterprise and developer use cases in the voice AI space
• ▪India is ElevenLabs' second-largest market globally by revenue
• ▪ElevenLabs' customers in India include leading consumer internet, ecommerce, media and education companies

ElevenLabs revenue milestones

• ▪ElevenLabs is headquartered in New York
• ▪ElevenLabs crossed annual recurring revenue of $500 million in the first four months of 2026

ElevenLabs funding round

• ▪ElevenLabs raised a $500-million funding round that closed in early February 2026
• ▪ElevenLabs' February 2026 funding round was led by Sequoia Capital, Iconiq Capital and Andreessen Horowitz
• ▪ElevenLabs is valued at $11 billion

Activate fund background

• ▪Aakrit Vaish is cofounder of Haptik, an enterprise AI agent platform that was acquired by Reliance Industries
• ▪Activate announced a multi-year collaboration with Nvidia in February 2026 to support AI startups in India
• ▪Activate's collaboration with Nvidia provides AI startups access to developer tools, technical training, compute resources and go-to-market support
• ▪Activate's current fund is backed by Vinod Khosla, Aravind Srinivas, Ashish Vaswani, Dhaval Shroff, Manohar Paluri, Ramesh Raskar, Shyamal Anadkat, and Shailendra Singh
• ▪Activate was set up by Aakrit Vaish and Pratyush Choudhury

Perspective of Activate (India-focused VC firm)

• ▪Activate will act as ElevenLabs' on-the-ground venture partner in India to help the company deepen its enterprise relationships
• ▪Activate will give early-stage Indian startups preferential access to build on ElevenLabs' voice infrastructure