Lovable Raises $400M at $13.3B, ARR Nears $600M
The Stockholm vibe-coding company doubled its valuation in eight months on a revenue line that nearly tripled over the same stretch. At roughly 22 times forward revenue, it is one of the more defensible prices in AI coding — which says more about the comparison set than about Lovable.
Lovable has closed a $400 million Series C at a $13.3 billion valuation, the Stockholm company confirmed on Wednesday. Menlo Ventures led alongside the EQT-managed Scaleup Europe Fund, with Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, World Innovation Lab, Regent and Tencent joining. Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures and Salesforce Ventures all returned.
The valuation is exactly double the $6.6 billion Lovable set in December, when it raised $330 million. Eight months is a short interval even by current standards, but the revenue line moved in roughly the same proportion: annual recurring revenue was about $200 million at the December round and is tracking toward $600 million by the end of this month. That works out to somewhere near 22 times forward revenue — a number that only looks restrained next to the rest of the sector. Legora is reportedly raising at close to 100 times, and Cognition is in talks at $40 billion on roughly $1 billion annualised.
What Lovable sells has quietly changed shape since the "prompt an app into existence" demos that made it famous. The platform now handles payments so users can charge for what they build, ships SEO and AI-search tooling, and integrates with Google Workspace, Microsoft 365, Salesforce, Stripe and ElevenLabs. It runs security scanning, carries an AIUC-1 certification, and has added governance and visibility features aimed squarely at IT departments. Chief executive Anton Osika, who founded the company with Fabian Hedin, framed the raise around making Lovable "the best place to build and run a business" — the operative word being run.
The distribution numbers explain why enterprise buyers are now in the room at all. More than 60 million projects have been created since the November 2024 launch, and apps built on Lovable draw over 900 million monthly visits. Nearly two-thirds of the Fortune 500 have employees using the platform, with Nvidia, Adidas, Deutsche Telekom, Zendesk, Handshake and Checkr named as customers. That is the classic bottom-up software pattern: individual employees expense a seat, the tool spreads sideways, and procurement finds out afterwards.
It is also where the risk sits. "Employees at two-thirds of the Fortune 500 use it" and "two-thirds of the Fortune 500 are customers" are very different statements, and the gap between them is the entire enterprise sales motion Lovable is now hiring against — headcount is set to reach roughly 450 by year end, weighted toward machine learning, infrastructure and security. The company runs its own trained model alongside frontier options, and signed a multiyear Google Cloud agreement in June involving a fivefold usage increase.
The cap table has a detail worth noting on its own: Tencent is now an investor in one of Europe's most valuable private AI companies, at a moment when capital flowing the other direction is being blocked outright. Lovable's competition is consolidating into much larger balance sheets — Cursor sits inside SpaceX, Replit has Visa on its register — and staying independent through that is the harder trick than doubling a valuation.
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