Aug 12 (Reuters) – Swedish vibe-coding startup Lovable said on Wednesday it raised $400 million in Series C funding at a $13.3 billion valuation, double its valuation from December.
Menlo Ventures and the EQT-managed Scaleup Europe Fund co-led the round. Tencent, Balderton Capital and other new investors from Europe, Latin America and Asia also participated.
Here are some details:
• “This funding lets us move faster on the product, infrastructure, and team needed to make Lovable the best place to build and run a business,” Anton Osika, Lovable’s CEO and co-founder, said in a statement.
• Lovable, which helps users build software through natural-language prompts, had raised $330 million at a $6.6 billion valuation in December last year.
• Annual recurring revenue has nearly tripled from $200 million, and the company is tracking toward $600 million by the end of August, the startup said.
• Since its launch in November 2024, people have created more than 60 million projects, and Lovable-built apps attract more than 900 million visits a month, the startup said.
• Companies including Nvidia, Deutsche Telekom and Adidas are building on the platform, according to the startup.
• Lovable said it plans to grow to roughly 450 team members this year, hiring most heavily in machine learning, product, infrastructure and security roles.
• Existing investors include Accel, Antler, CapitalG and HubSpot Ventures.
(Reporting by Prathik Jayaprakash in Bengaluru; Editing by Tasim Zahid)
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