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

The Scaleup Europe Fund, a European tech growth fund, is in talks to invest in the UK-based artificial intelligence company ElevenLabs Inc. The fund, which has a size of €5 billion, is managed by Swedish private equity firm EQT AB and aims to fill the late-stage financing gap in Europe, reducing the tendency of high-growth companies to seek funding in the US. ElevenLabs is known for its generative voice and conversational AI, and completed approximately $500 million in Series D funding in February this year, with a valuation of around $11 billion, attracting investments from firms like Sequoia Capital, a16z, and ICONIQ. Currently, both parties are still in negotiations, and the investment amount, valuation, and whether it will lead or follow the investment have yet to be determined.

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