Vibe-coding startup Lovable raises $400M, doubles valuation to $13.3B

Swedish vibe-coding startup Lovable announced on Wednesday that it has closed a $400 million Series C round at a $13.3 billion valuation, roughly doubling the $6.6 billion it commanded when it closed its Series B in December. The round was led by Menlo Ventures and the Scaleup Europe Fund, a European Union investment vehicle managed by EQT, with new investors including Tencent from Asia, Balderton Capital and Carmignac from Europe, and Kaszek Ventures and LTS Growth from Latin America.trendingtopics+2

The raise makes Lovable one of Europe's most valuable startups less than two years after its founding in November 2024. According to Menlo partner Matt Murphy, Lovable is now the firm's largest single investment after Anthropic.trendingtopics

Rapid Growth Since Launch

Founded in Stockholm, Lovable lets users build software by describing what they want in plain language. Since launching, the platform has been used to create more than 60 million projects, and applications built on it now draw over 900 million visits per month, according to the company. Lovable said it has quadrupled its annual recurring revenue over the past 12 months, with its annualized run rate expected to reach nearly $600 million by the end of August.officechai+1

The company now claims reach into nearly two-thirds of the Fortune 500, up from about half at the time of its Series B. Enterprise customers include Adidas, Nvidia ↗ 3.03%, Deutsche Telekom, and Zendesk.trendingtopics+1

Spending Plans and Competition

Lovable plans to grow its workforce by 50 percent to around 450 employees this year, with hiring focused on machine learning, product, infrastructure, and security roles. Stockholm will remain its headquarters, with expansions in London, Boston, San Francisco, and New York.officechai+1

The company also announced a partnership with US chip company Cerebras, aiming to reduce platform response times by 2027.trendingtopics

The funding lands as the AI coding category attracts heavy investment. Rival Replit raised capital at a $9 billion valuation in March, also tripling within six months. CEO Anton Osika framed the round as a step toward becoming "the business that helps build businesses," adding that the company has "made a lot of progress" but is "nowhere close to done".officechai+1