EU's €5 Billion Tech Fund in Talks to Invest in ElevenLabs

The European Union’s €5 billion Scale-up Europe Fund is in talks to invest in UK-based voice AI startup ElevenLabs, according to a report published on the 17th. Bloomberg cited sources stating that ElevenLabs aims to raise over $500 million (approximately 68.5 billion KRW) in its current funding round. The Scale-up Europe Fund, managed by EQT, has previously invested in companies like Rubble, Ice AI, and Mistral AI. ElevenLabs’ prior enterprise value stood at $11 billion (approximately 15.7 trillion KRW), with discussions earlier this summer suggesting a potential valuation of around $22 billion (approximately 30.14 trillion KRW) through secondary share sales.