Lovable, the Stockholm-based artificial intelligence startup that lets users build software through plain-language prompts, has raised $400 million in a Series C funding round that values the company at $13.3 billion, double its worth from just seven months ago.
The round was led by Menlo Ventures and the Scaleup Europe Fund, managed by EQT, with participation from Tencent, Balderton Capital, and more than a dozen other investors from Europe, Latin America, and Asia. The company confirmed the deal on Wednesday, August 12.
“This funding lets us move faster on the product, infrastructure, and team needed to make Lovable the best place to build and run a business,” said Anton Osika, CEO and co-founder of Lovable, in a statement.
Osika, who founded the company in 2023 alongside CTO Fabian Hedin, framed the raise as a step toward transforming Lovable from a tool for building software into a platform for running an entire business. “Since we started, Lovable has become the place where founders create million dollar businesses, business leaders spin up new product lines, and people inside companies rewire workflows and build tools that fit their exact needs, typically at a fraction of what software used to cost,” he wrote in a LinkedIn post announcing the funding.
Rapid Revenue Growth
The startup’s financial trajectory has been steep. Annual recurring revenue has nearly tripled from $200 million, and the company projects it will reach roughly $600 million by the end of August. Lovable disclosed in March that it had hit $400 million in annual recurring revenue, up from $300 million a month earlier and $200 million at the end of 2025. The company told TechCrunch it reached a $500 million annualized run rate in June.
Note: Series B was led by Menlo Ventures with CapitalG as co-lead. Series C was led by Menlo Ventures and the EQT-managed Scaleup Europe Fund.
Since its launch in November 2024, users have created more than 60 million projects on the platform. Applications built with Lovable now attract over 900 million visits per month, according to the company. Enterprise customers include Nvidia (NVDA), Deutsche Telekom, and Adidas, all of which use the platform for internal software development.
The company has also expanded its technical infrastructure. Lovable now offers its own in-house trained AI model alongside standard frontier model options, and in June it signed a multiyear deal with Google Cloud that represented a fivefold increase in usage. The startup has also begun backing other European ventures, including Danish startup Atech, which is building vibe-coding software for designing tech hardware.
Lovable plans to grow its workforce to roughly 450 employees this year across its offices in Stockholm, London, Boston, San Francisco, and New York, with hiring concentrated in machine learning, product, infrastructure, and security roles. Existing investors in the company include Accel, Antler, CapitalG, and HubSpot Ventures.
Vibe-Coding Boom Continues
The round is the latest sign of sustained investor appetite for AI-powered software development tools. In June, SpaceX agreed to acquire Cursor for $60 billion, while app-building platform Emergent raised $130 million at a $1.5 billion valuation in July. Lovable’s rapid valuation escalation — from $1.8 billion in July 2025 to $13.3 billion a year later — underscores how quickly capital is flowing into companies that promise to lower the barrier to software creation.
“The world is full of ambitious people with deep knowledge of problems worth solving. Very few of them have historically had the power to act on them,” Osika wrote. “Our ambition is to give people that power, and then help them achieve more than they thought possible.”