Swedish company Lovable has raised $400 million. This brings its valuation to $13.3 billion, double its December level. Menlo Ventures and the EQT-managed Scaleup Europe Fund led the round, with participation from Tencent and Balderton Capital, among others.
Lovable allows users to build software using natural language prompts, also known as “vibe coding.” In December, Lovable raised $330 million at a valuation of $6.6 billion.
In addition to the two lead investors, new investors from Europe, Latin America, and Asia also participated. Existing shareholders include Accel, Antler, CapitalG, and HubSpot Ventures.
Revenue heading toward $600 million
The company reports that its annual revenue of $200 million has nearly tripled. According to Lovable, it is on track to reach $600 million in annual recurring revenue by the end of August.
Since its launch in November 2024, more than 60 million projects have been created. Apps built with Lovable attract more than 900 million monthly visits, according to the company. Companies including Nvidia, Deutsche Telekom, and Adidas are building on the platform.
“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,” says CEO and co-founder Anton Osika.
With the fresh capital, Lovable aims to grow to approximately 450 employees this year. The company is primarily hiring in machine learning, product, infrastructure, and security.
Tip: Swedish AI startup Lovable triples its valuation to 6.6 billion