Eight months ago, Lovable was valued at $6.6 billion. Now it’s $13.3 billion. That kind of acceleration doesn’t happen in a crowded, stagnant category, and it tells you something real about where no-code AI development is heading.
The Stockholm-based startup has raised $400 million in a Series C round co-led by Menlo Ventures and the Scaleup Europe Fund, the latter managed by EQT and backed by a new €5 billion European investment vehicle. The round also pulled in Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, Tencent, and World Innovation Lab, alongside returning backers like Accel, CapitalG, DST Global, and Salesforce Ventures. That’s a global cap table, and a serious one.
Lovable, which launched in 2024, lets people without coding skills build functional software through what the industry calls vibe-coding. It’s the same category as Replit, and increasingly, it’s territory that Anthropic and OpenAI could push into if they decide to move further up the stack from models into full app creation. That competitive pressure is real. But Lovable’s numbers suggest it’s building a moat faster than most expected. Apps built on its platform now see over 900 million visits per month, and its customers include Nvidia, Adidas, and Zendesk.
One question that follows every AI-native startup at this scale is token cost. Paying AI labs for inference is expensive, and margins can compress fast. Lovable addressed this directly, saying it will continue routing different parts of the workload to whichever model handles it best, rather than locking into a single provider. The company also said it’s post-training open-source models to make the product more personalized over time. That’s a smart hedge, both on cost and on dependency risk.
The funding will go toward expanding its business customer base and growing headcount by 50 percent, from roughly 300 to 450 people, split across Sweden and the US. For a company this young, that’s still a lean team relative to the valuation.
What makes this round notable beyond the number is the European angle. The Scaleup Europe Fund co-leading a $400 million round signals that European capital is starting to move at a pace that matches the ambition of its best startups, rather than waiting for Silicon Valley to set the terms. Lovable is still Swedish. And for now, it’s one of the most valuable AI startups on the continent.
