Lovable Raises $400 Million and Reaches a Valuation of $13.3 Billion

The Swedish AI company Lovable has closed a Series C funding round of $400 million. The round is led by Menlo Ventures and co-led by the Scaleup Europe Fund, managed by the European investor EQT. With this new funding, the company’s valuation rises to $13.3 billion.

Other participants in the round include Balderton Capital and Carmignac from Europe, Kaszek Ventures and LTS Growth from Latin America, Tencent and World Innovation Lab from Asia, and Regent from the U.S. Numerous existing investors have also participated again, including Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures.

From a European startup to a $13-billion company

Lovable’s goal is to make software development accessible even to people who aren’t traditional developers themselves. Users should be able to turn their ideas into their own applications, internal tools, and ultimately complete digital business models. With the new capital, Lovable intends to increasingly expand this platform into a place where companies can not only create software but also run their businesses.

Its growth since launch has been remarkable. Lovable was launched as recently as November 2024. According to the company, more than 60 million projects have been created using the platform since then. Applications built with Lovable now record more than 900 million visits per month. In its first year, the platform reached employees at roughly half of the Fortune 500 companies; that figure has since risen to nearly two-thirds.

As a result, Lovable is rapidly emerging as one of Europe’s most valuable AI companies.

$400 Million for the Next Phase of Expansion

With its Series C funding, Lovable aims to significantly expand its original scope. Until now, the focus has primarily been on the simple creation of software. Going forward, the platform will place greater emphasis on helping to actually operate the businesses and applications built with it.

To this end, Lovable has already introduced payment features, tools for SEO and AI search, as well as integrations for Google Workspace, Microsoft 365, Salesforce, Stripe, and ElevenLabs, among others. At the same time, the company is expanding its security, governance, and monitoring capabilities.

According to Lovable, its own user surveys show that this is indeed leading to the creation of businesses. Nearly eight out of ten respondents are using the platform to build a business or a side project that they intend to monetize. More than a third of them are already generating revenue.

AI Is Set to Act Increasingly Autonomously

The next stage of development, however, goes beyond traditional “Vibe Coding.” Lovable aims to make its platform more proactive. The system is designed to increasingly understand a user’s goals, independently identify where action is needed, and assist with implementation without having to wait for a new instruction for every single step.

At the same time, the system is designed to learn from millions of created applications which decisions actually lead to successful outcomes. This isn’t just about whether software works technically, but also, for example, whether it generates revenue, improves processes, or supports companies in their growth.

This also shifts the vision: What started as a tool for quickly building applications could, in the long term, evolve into an AI platform that takes over a significant portion of a digital company’s technical infrastructure and operational processes.

Lovable Aims to Grow to Around 450 Employees

A significant portion of the fresh capital is also expected to go toward further expanding the workforce. Lovable plans to grow its team to around 450 employees by the end of this year. The company is particularly seeking specialists in machine learning, product development, infrastructure, and security.

The company’s headquarters will remain in Stockholm. At the same time, Lovable is expanding its presence in London, Boston, San Francisco, and New York.

The Series C round thus also sends a remarkable signal to the European AI ecosystem. With EQT’s Scaleup Europe Fund, a European growth fund is among the lead investors in the round. Lovable is one of its first investments.

With a valuation of $13.3 billion, the company also demonstrates the scale that European AI startups can now achieve in a very short time.