EU-backed Scaleup Europe Fund in talks to invest in ElevenLabs
The Scaleup Europe Fund, a €5bn growth fund backed by the European Commission, is in discussions to invest in the voice AI company ElevenLabs, according to Bloomberg.
The report says ElevenLabs aims to raise over $500 million in this funding round.
Talks are ongoing, and there is no guarantee a deal will happen, according to the sources. EQT, the Swedish firm managing the fund, and ElevenLabs both declined to comment to Bloomberg.
This funding round would come after several big investments by the fund, which began investing this summer.
It co-led Iceye’s €1bn Series F in August, took part in Lovable’s $400 million round at a $13.3 billion valuation, Mistral AI’s €3bn Series D, and this week, Tandem Health’s $100 million Series B.
The Commission invested €1 billion in the fund, along with Allianz, APG, Novo Holdings, CriteriaCaixa, and Santander’s Mouro Capital.
The fund’s goal is to close...
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