Prime Highlights :
- Lovable’s valuation doubled to $13.3 billion in a $400 million Series C round.
- A Menlo Ventures partner called Lovable one of the most generational companies of the AI era.
Key Facts :
- Lovable Labs is a Swedish startup offering an AI-powered “vibe coding” platform.
- The company’s annualized revenue rose from $200 million to $500 million in seven months.
Background :
Swedish artificial intelligence coding startup Lovable Labs Inc. has raised $400 million in Series C funding at a $13.3 billion valuation, roughly double its $6.6 billion valuation in December. The company runs a vibe coding platform, letting users describe what they want in plain language while the system builds it, with hosting included.
Chief Executive Anton Osika and Fabian Hedin founded the company in 2023, though the product only opened to the public in November 2024. Lovable says more than 60 million projects have been built on the platform, drawing 900 million visits a month.
Annualized revenue reached $500 million in June, up from $200 million in November, and the company expects to close August at $600 million. Enterprise adoption is growing fast too, with employees at nearly two-thirds of Fortune 500 companies now using the product, up from about half six months earlier. Named customers include Nvidia, Adidas, Hearst Communications and Zendesk, though enterprise contracts still make up only about $20 million of annualized revenue.
The new funds will go toward enterprise integrations, governance controls and further training of Lovable’s in-house models. The company plans to grow its headcount to about 450 by year’s end, a 50% increase, while expanding offices in London, Boston, San Francisco and New York alongside its Stockholm base.
Menlo Ventures co-led the round with the Scaleup Europe Fund, alongside new investors including Tencent Holdings and Balderton Capital. A Menlo partner described Lovable as one of the most generational companies of the AI era. The startup has now raised more than $930 million in total.