This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
ElevenLabs is backed by some of the world’s largest venture capital funds. Thanks to the capital flowing from them, the company is valued at USD 11 billion, making it a decacorn. Against this backdrop, the PLN 40 million (EUR 9.3 million; approx. USD 11 million) invested by Vinci, part of Poland’s state development bank BGK group, appears modest. The real significance of the transaction may therefore lie elsewhere: in jointly building a local AI ecosystem.
The fund belonging to BGK (state development bank) has become a shareholder in ElevenLabs. The investment, exceeding PLN 40 million (EUR 9.3 million), was made as part of a recent extended Series D funding round. Vinci thus becomes the first Polish institutional investor in ElevenLabs.
Is the strategic purpose of the deal to finance the company? That seems unlikely, given that ElevenLabs is already a decacorn valued at over USD 10 billion and counts among its investors such global heavyweights as Andreessen Horowitz, Sequoia, and BlackRock.
The substance of the transaction may instead lie in supporting the company’s efforts to build AI Lab Poland – a Polish center for artificial intelligence technologies intended to become a key hub for AI development and, more broadly, to help energize this segment of the Polish economy.
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Global business backed by investors
From the outset, ElevenLabs has developed as a company with global ambitions. Its engineering team is based in Poland. The startup attracted investors early in its journey. In its initial phase, it was backed by angel investors, including several Poles: Bartek Pucek, Maciej Gnutek, Piotr Karwatka, and Tomasz Karwatka.
Soon afterward, major international venture capital funds joined the investor base. In 2023, ElevenLabs raised PLN 329 million (EUR 75 million), followed two years later by an additional PLN 720 million (EUR 165 million). Its largest funding round, however, closed in the first quarter of 2026, when the company secured PLN 1.81 billion (EUR 415 million). As a result, the startup’s valuation increased to USD 11 billion, or approximately PLN 39.4 billion (EUR 9 billion), according to analyses by PFR Ventures.
The latest funding round was led by Sequoia. Existing investors also significantly increased their exposure. According to company data, Andreessen Horowitz (a16z) quadrupled its stake in ElevenLabs, while Iconiq tripled its position.
In terms of venture capital raised and achieved valuation, ElevenLabs ranks among the most successful companies founded by Polish entrepreneurs.
The decacorn status – defined as a company valued at over USD 10 billion – has also been achieved by ICEYE. On June 9, 2026, the company announced it had raised EUR 450 million (USD 520 million) in the primary Series F funding round led by General Atlantic. The company’s valuation exceeded EUR 10 billion (USD 12 billion). Investors participating in the round also included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority, and TCV. In total, including share sales by existing shareholders, the Series F round exceeded EUR 1 billion in value.
AI Lab Poland as a pillar of artificial intelligence development
Andrzej Domański, Minister of Finance and Economy, stressed during the official announcement of the transaction and planned cooperation that artificial intelligence is no longer just another emerging technology. In his view, it is reshaping the economy as profoundly as electricity or the internet once did. Countries that adopt AI more quickly can accelerate their economic and technological development.
— Poland cannot remain on the sidelines — and it is not. Our goal is not to implement isolated projects, but to build an entire technology ecosystem. […] We want Poland to be a place where future technologies are created, financed, and developed. The BGK Group’s investment in ElevenLabs is precisely a step in this direction — said Andrzej Domański.
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ElevenLabs – a leader in voice AI technology
ElevenLabs is a technology company specializing in the development of artificial intelligence-based solutions for speech generation and processing. The company builds AI models that enable voice synthesis and cloning, automated dubbing, and the production of naturally sounding audio recordings in multiple languages.
Its technology is used by, among others, content creators, media organizations, publishers, technology companies, and educational institutions. Founded by Mati Staniszewski and Piotr Dąbkowski, the company is among the fastest-growing AI firms in the world.
AI Lab Poland is intended to serve as an ecosystem supporting the development of artificial intelligence in Poland. The new mechanism will be tasked, among other things, with identifying and supporting the most promising AI startups by providing access to capital, expertise, and networks of contacts. It is also designed to develop talent and connect the worlds of academia, business, and investors. The aim of the initiative is to strengthen Poland’s position as a hub for the creation and commercialization of AI technologies.
From ElevenLabs’ success to building an AI ecosystem
Mati Staniszewski emphasized that the capital will be allocated to expanding ElevenLabs’ operations in the region. He added that the company works in Poland with numerous enterprises and public institutions, which share a belief in the critical role of innovation in economic development. One of the objectives of AI Lab Poland is also to cooperate with public institutions in creating conditions conducive to the growth of the artificial intelligence sector in Poland.
— Together, we want to create a place that will bring together scientists, entrepreneurs, and technology builders working on the next generation of AI-based solutions. We want to harness the energy and ambition we experienced during the ElevenLabs Warsaw Summit. We also want to ensure that the next breakthrough technologies are created here in Poland — said Mati Staniszewski.
Is this the right moment to support ElevenLabs, or too late?
Vinci’s investment in ElevenLabs, a fund belonging to a public institution, comes only now. Should such support, in the view of the decacorn’s co-founder, have arrived several years earlier – when the company was still in greater need of growth capital?
— It is difficult to assess. I am pleased that Vinci is joining the company’s shareholder base at its current stage of development. I believe we still have a lot to build and many ambitious goals ahead of us. We are glad this is happening now — Mati Staniszewski said in an interview with XYZ.
He added that at the early stage of the company’s development, he did not actively seek support from public institutions. The venture was primarily backed by angel investors from the region.
An investment that goes beyond capital
Vinci is an investment company belonging to the Bank Gospodarstwa Krajowego (BGK) Group, which supports the development of innovative and high-potential Polish enterprises through equity investments. It manages funds worth approximately PLN 1.1 billion (EUR 255 million) and focuses on financing technology companies and firms with strong growth potential across various stages of development.
The fund operates as a minority investor and provides financing, including venture capital. Its objective is to support the commercialization of innovation, strengthen the competitiveness of Polish companies, and retain key technologies, patents, and talent within the country.
— We are delighted to welcome ElevenLabs — the second tenfold unicorn in Vinci’s portfolio, alongside ICEYE. The company is valued at USD 11 billion. This is only a financial measure of success, and I believe there are and will be many more dimensions to it. Importantly, the company’s representatives are willing to share what they have achieved — said Bartosz Drabikowski, CEO of Vinci.
He also emphasized the distinctive nature of the investment. As he pointed out, Vinci has become a shareholder in a company that is one of the leaders in AI audio services.
The uniqueness of the transaction also lies in the fact that, through its investment in ElevenLabs, the fund will become a financing partner in the development of AI Lab Poland – a Polish ecosystem creating breakthrough solutions in artificial intelligence. Drabikowski expressed confidence that, thanks to AI Lab Poland, patents, talent, as well as engineering and management competencies will be able to develop more strongly in Poland.
Key Takeaways
- Vinci’s investment in ElevenLabs carries strategic rather than purely financial significance. The fund, part of the BGK Group, invested more than PLN 40 million (EUR 9.3 million) in the company. ElevenLabs, however, is already valued at USD 11 billion and backed by some of the world’s largest venture capital funds. The key objective of the transaction therefore appears to go beyond capital injection and instead focuses on cooperation in building AI Lab Poland and developing Poland’s artificial intelligence ecosystem.
- The success of ElevenLabs is intended to serve as a catalyst for the development of the entire AI sector in Poland. AI Lab Poland is designed to connect academia, business, investors, and startups, creating conditions for the emergence of further innovative ventures. The project aims to support talent development, financing for early-stage companies, and the commercialization of new technologies. Government and ElevenLabs representatives emphasize that the goal is to build a durable ecosystem that will enable Poland to play a greater role in the global technology race.
- ElevenLabs stands as one of the most significant success stories in Poland’s technology sector. Founded by Polish entrepreneurs, the startup has evolved from early backing by angel investors into one of the world’s leading AI companies, attracting funding from top-tier global investors. Its valuation exceeding USD 10 billion places it in the exclusive group of so-called decacorns. The company also states its intention to continue investing in Poland, developing local competencies, and cooperating on the creation of new artificial intelligence technologies.