Portfolio News
January 22, 2024

ElevenLabs Becomes Unicorn Following $80m Raise

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ElevenLabs becomes UK's Latest Unicorn

In merely a matter of months since we last shared some exciting news on ElevenLabs, we are delighted that Mati and Piotr have today announced their $80m Series-B funding round - minting them as the UK's latest (and fastest growing) Unicorn. Sequoia Capital are joining the cap table, alongside existing investors Andreessen Horowitz, Nat Friedman and Daniel Gross who co-led the round. 

At Concept Ventures, we believe founders are everything. Ideas are a dime a dozen, and markets come and go, but a founding team's raw drive, insatiable curiosity and relentless ambition can never be underestimated as core factors for success. 

In May 2022, just a short 18 months ago, two exceptional founders (Mati and Piotr) walked into our offices with a clear vision for the future. They weren’t early employees at US scale-ups, nor exited founders, but through our unique people-centric lens, we uncovered the core DNA of a stellar founding team, something often difficult to uncover at the earliest of stages. 

Founder Scorecards: Mati & Piotr

Today ElevenLabs has scaled to a team of 40+ employees, is used by 41%+ of Fortune 100 companies and has generated over 100 years of audio content through its platform. Alongside the tech being used by customers such as the Washington Post, the use cases are endless and expand far beyond just B2B and enterprise. We have heard countless incredible stories of the technology across sales & startup pitches, creators and even families eternalising the voices of loved ones. 

VCs talk a lot about conviction, but with the best teams, it works both ways. We are extraordinarily grateful they chose to partner with Concept for their pre-seed round and trusted us as early partners on the journey that continues to play out. 

Mati Staniszewski, CEO and Co-founder of ElevenLabs commented:

“Concept was one of our earliest institutional backers. Olly, Reece and the team partnered with us when Piotr and I were just two founders with a bold vision for the future of audio. We are thankful for the continued support they’ve given us, from brainstorming at the Concept office in the early days through to helping us land a few of the early employees - as our only UK investors, we are excited to have them close by on the exciting journey ahead"

Concept Team Interactions with ElevenLabs Since Investment

We are always on the hunt for more excellent founders with audacious ambitions such as ElevenLabs. If you are at the beginning of your 10-year journey, and raising a pre-seed round, reach out to the Concept Team

Concept is the UK's dedicated pre-seed fund, backing founders at the earliest stages of their journey through our people-centric investment approach. As a startup needs first believers, so do VC firms, and we’re hugely grateful to our early supporters and backers who believed in us from day one. Both Ken Cooper and the British Business Bank Team as well as the Dominus group were such early supporters for us at Concept. 

Ken Cooper, Managing Director, Venture Solutions, British Business Bank, said:

‘’The British Business Bank has supported Concept Ventures through the Enterprise Capital Funds programme since 2022. The programme plays an important role in helping to develop and maintain effective venture capital provision in the UK, lowering the barriers to entry for emerging fund managers. We are pleased to continue supporting Concept Ventures and wish to congratulate ElevenLabs on reaching unicorn status.’’

Jay Ahluwalia of Dominus Group also comments:

"As cornerstone investors in Concept Ventures, we celebrate Eleven Labs' status as the UK’s latest unicorn. This significant milestone underscores Concept's role as one of the foremost early-stage funds and their commitment to nurturing innovation in the UK at the very earliest stage. We are thrilled to be partnered with Concept Ventures as they continue to scale and extend our congratulations to everyone involved".

You can learn more about ElevenLabs below: