ElevenLabs Surpasses $500 Million Annual Recurring Revenue

May 14, 2026

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.