There’s plenty of competition in the AI coding space at the moment, but one of the early movers is showing no signs of slowing down.
Swedish AI coding startup Lovable has raised $400 million in a Series C round at a $13.3 billion valuation, roughly doubling the $6.6 billion valuation it commanded when it closed its Series B back in December. The round was led by Menlo Ventures and co-led by the Scaleup Europe Fund, which is managed by EQT. A long list of investors joined in, spanning Balderton Capital and Carmignac from Europe, Kaszek Ventures and LTS Growth out of Latin America, Tencent and World Innovation Lab from Asia, and Regent from the US. Returning backers include Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures.
Lovable lets people build software just by describing what they want in plain language, and the company has built its pitch around removing the technical barrier that once stood between an idea and a working product. Since launching in November 2024, the platform has been used to spin up more than 60 million projects, and apps built on Lovable now draw over 900 million visits a month, according to the company. Lovable said it has quadrupled its annual recurring revenue over the past 12 months, a pace that has taken it from a company reaching unicorn status eight months after being founded to one now valued at over $13 billion.
Lovable also claims it has now reached employees at nearly two-thirds of the Fortune 500, up from around half a year ago. The company has spent the months since its Series B adding features aimed at businesses rather than individual tinkerers, including payment tools to help users monetize what they build, SEO and AI-search discoverability tools, deeper integrations with Google Workspace, Microsoft 365, Salesforce, Stripe, and ElevenLabs, automatic and scheduled security scanning, and what it says is the first security certification built specifically for AI agents, called AIUC-1. It has also rolled out governance features like publishing controls and workspace insights, and a security page that lets businesses built on Lovable set up their own trust center.
The company points to internal survey data showing that nearly 8 in 10 users are building a business or side project they hope to eventually monetize, and more than a third of those are already generating revenue. Lovable highlighted a handful of these stories alongside the funding announcement. UK-based founder Lex Deak built fashion discovery app WNTD on the platform, saving £25-30K a month while closing a £3M funding round of its own. In Brazil, Rafael Milagre used Lovable to build out the CRM, finance tools, and AI sales workflows behind his AI education company, Viver de IA, which now serves more than 1,200 clients. And at healthcare staffing platform Nursa, VP of Product Nenad Ivanovic built an entirely new product for nursing schools in a single weekend, with the company since rolling Lovable out to its 200-plus employees and using it to retire ten separate SaaS tools.
Lovable laid out three priorities for where it plans to take the product next. The first is making the platform more proactive, with the company saying it wants Lovable to understand what a user is trying to achieve and start acting on it without being prompted every time, while deepening integrations across sales, operations, marketing, and finance tools. The second is a feedback loop the company describes as training the system on outcomes rather than just code correctness, tracking whether the software people build actually drives revenue or improves a workflow, and feeding that back into the product. Lovable says it will keep drawing on multiple AI models for different parts of the job rather than committing to one, while continuing to post-train open-source models of its own. The third priority is hiring, with the company planning to grow to around 450 employees this year, concentrated in machine learning, product, infrastructure, and security, while keeping its base in Stockholm and expanding its presence in London, Boston, San Francisco, and New York.
Menlo Ventures partner Matt Murphy said Lovable was built from the outset for people who had the ideas and domain knowledge to build something but lacked the technical ability to do it, and called it one of the most consequential companies of the AI era. EQT’s Victor Englesson, who co-heads the Scaleup Europe Fund, said the investment reflects exactly what the fund was set up to do, backing European founders capable of building global technology companies.
The raise lands at a moment when the AI coding category has become one of the most heavily funded corners of the industry. Rivals like Cursor have seen valuations climb just as fast, and a growing list of AI coding agents are competing for the same builders Lovable is chasing. Lovable’s bet is that owning the layer where a business actually gets run, not just the layer where its code gets written, is what will set it apart. Lovable CEO Anton Osika framed the round as a step toward becoming what he called the business that helps build businesses, adding in a post announcing the funding that the company has “made a lot of progress” but is “nowhere close to done.”