Lovable Doubles Its Valuation to $13.3 Billion Within Eight Months

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The Swedish vibe-coding startup Lovable has closed a $400 million Series C round at a valuation of $13.3 billion. Compared with December, when Lovable was valued at $6.6 billion, its valuation has more than doubled. The company is now among Europe’s most valuable startups.

The round was led by Menlo Ventures and the newly created Scaleup Europe Fund, managed by EQT. Other new investors 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 United States. Existing backers—including Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures—also participated. According to Menlo partner Matt Murphy, Lovable is now the firm’s largest single investment after Anthropic.

Lovable aims to give the people closest to a business or organizational problem the ability to build the right software themselves. The platform is intended not just to simplify the creation of individual web applications, but to become a place where new businesses are created and existing companies transform how they operate.

Growth, reach, and enterprise use

Lovable launched in November 2024. Since then, more than 60 million projects have been created on the platform, according to the company, and Lovable-built applications receive more than 900 million visits each month. Within its first year, the product reached employees at half of the Fortune 500; Lovable now says that figure has grown to nearly two-thirds.

The platform is used both for internal tools in areas such as HR, sales, finance, and operations, and for building standalone products and businesses. According to a user survey, nearly eight in ten builders are working on a business or side project they hope to monetize, while more than one-third are already generating revenue.

Enterprise customers and users include Adidas, Nvidia, Deutsche Telekom, Hearst, Zendesk, Handshake, and Checkr. Zendesk, for example, uses Lovable for internal training tools and a roadmap application that better suits its workflow and reduces reliance on expensive off-the-shelf software. At Checkr, teams have reportedly used self-built solutions to process ten times as many QA reports.

Lovable also highlights specific founder stories: UK-based fashion-discovery company WNTD says it has saved £25,000 to £30,000 per month with a Lovable-built application, onboarded hundreds of thousands of customers, and closed a £3 million funding round. Brazilian AI education company Viver de IA runs its CRM, finance tools, website, and sales automation through Lovable; it employs 54 people, serves more than 1,200 clients, and expects to generate R$100 million in revenue this year. At US company Nursa, a product manager built a new product for nursing schools over a single weekend. Lovable was subsequently rolled out to more than 200 employees, and the company says it is rebuilding its core platform twelve times faster while planning to retire ten SaaS systems.

How the capital will be used

Lovable expects its annualized revenue run rate to reach nearly $600 million by the end of this month—almost three times the figure cited in December. CEO and co-founder Anton Osika says the company was profitable at one point, but is now prioritizing investment in product development and growth.

The money will primarily go toward three areas:

• A product for running businesses: Lovable wants to become more proactive—recognizing goals and outstanding tasks, and initiating parts of the work independently. Deeper integrations are intended to support personalized dashboards and workflows across sales, marketing, operations, and other functions.
• Security and reliability: Since its Series B in December, Lovable has expanded payment capabilities, SEO and AI-search tools, and integrations with Google Workspace, Microsoft 365, Salesforce, Stripe, and ElevenLabs. It has also added automatic and scheduled security scans, publishing and governance controls, abandoned-app cleanup, and workspace insights for administrators. Lovable points to its AIUC-1 certification, a security standard for AI agents, as well as dedicated public trust centers for business applications built on Lovable.
• Team and global presence: The company plans to grow its workforce by 50 percent to around 450 employees this year. Hiring will focus particularly on machine learning, product, infrastructure, and security roles. Stockholm will remain the company’s center of gravity, while London, Boston, San Francisco, and New York are set to expand. Lovable also names Latin America as a growth region.

No model picker: a strategy to reduce provider dependence

A strategic priority concerns Lovable’s relationship with providers of the underlying AI models. The company describes its approach as “model-independent,” but explicitly distinguishes this from simple interchangeability: models are not placed behind a uniform interface and swapped at will. Instead, each model is tailored to its particular strengths. A dedicated team adapts instructions, tools, and project context for each model, then tests the combination on complete builds.

A central component is a so-called control plane that continuously monitors the building process and can assign individual subtasks to different models, rather than having one provider handle the entire job. If a provider is unavailable or overloaded, the same model call can be handled through another provider. Lovable also cautions against switching models in the middle of an active project, as context is lost and must be rebuilt.

The company additionally post-trains its own models. It began with clearly defined tasks such as routing requests, summarizing responses, and writing commit messages. Lovable says its own models now handle a meaningful share of production work. The company also plans to continue post-training promising open-source models so the platform can better adapt to each user’s goals, context, and way of working.

Rather than judging success primarily by public benchmark rankings, Lovable wants to evaluate whether an application is built correctly and then produces real outcomes: generating revenue, improving a workflow, or helping a business grow. Aggregated patterns from successful products are intended to help improve the system for every user.

Cerebras partnership aims to reduce wait times

On the infrastructure side, Lovable has announced a partnership with US chip company Cerebras, aiming to significantly reduce platform response times by 2027. Cerebras uses its Wafer-Scale Engine, which runs a model on a single large silicon wafer instead of distributing it across dozens of chips. This removes communication overhead between chips—an advantage, according to the two companies, especially for the iterative question-and-answer loops involved in building software.

Lovable intends to transition gradually to dedicated Cerebras capacity, beginning with its most latency-sensitive workloads. Osika argues that users should be able to try out ideas without having to weigh whether the wait time is worth the experiment.

Competition and European ambitions

Lovable competes, among others, with California-based provider Replit, which raised capital at a $9 billion valuation in March—also a tripling of its valuation within half a year. The growing ability of companies to build internal applications with AI is also fueling investor concerns about a “SaaSpocalypse,” or the potential devaluation of traditional business software.

For the Scaleup Europe Fund, the investment is an early test case. EQT partner Victor Englesson sees Lovable as an example of why the fund was created: to help Europe’s most ambitious technology companies become global leaders without facing excessive pressure to move their headquarters, capital-market activity, and technological value creation to the United States.