Swedish unicorn Lovable has announced that it has raised $400m in Series C funding at a $13.3bn valuation.
The round was led by Menlo Ventures and co-led by the Scaleup Europe Fund, managed by EQT.
Menlo Ventures has backed some of the most consequential companies of the AI era, while EQT has chosen Lovable as one of the first investments from its Scaleup Europe Fund.
The company was founded in 2023 by CEO Anton Osika (pictured) and CTO Fabian Hedin and launched in 2024.
Hedin said: “Three years ago, on my birthday, I wrote Lovable’s first line of code. We wanted to build what we believed the future of software creation should look like.
“During the first year of extremely hard and dedicated work, we failed to launch our product twice. The third time, something clicked. People started creating real products with it, and inside companies, teams started building the internal tools. Within a year we’d reached millions of founders and employees at half of the Fortune 500.
“The growth of Lovable hinged on word of mouth. People suddenly had a way to act on their creative ideas, and they told other people about it. That’s still true today.
“More than 60 million projects built, 1.2 million new ones every week, and over 900 million monthly visits to what people build. That’s an order of magnitude more than the reach of lovable itself.”
Osika added: “For me, the most important part of a funding announcement is the accountability that comes with it. At our Series B in December, we committed to deeper integrations, stronger collaboration and governance, and the infrastructure people need to run software at scale. And then we did what we said we would do.
“Since then, the number of projects built on Lovable went from 25 million to 60 million, monthly visits to Lovable-built products went from 200 million to 900 million, and our ARR nearly tripled in these eight months.
“This round creates the same kind of accountability. Since we started, Lovable has become the place where founders create million dollar businesses, business leaders spin up new product lines, and people inside companies rewire workflows and build tools that fit their exact needs, typically at a fraction of what software used to cost.”
Matt Murphy, partner at Menlo Ventures, said: “From the very start, Lovable was built for the billions of people with the creativity and knowledge to make something, but who had always been blocked by technical ability.
Extraordinary growth
“That focus has created extraordinary growth, a product people love, and a market that expands every time someone becomes a founder or a company rethinks how software gets made. We believe Lovable is, and will continue to be, one of the most generational companies of the AI era.”
Victor Englesson, partner at EQT and co-head of the Scaleup Europe Fund, said: “Anton, Fabian, and the Lovable team have built one of the most ambitious and fastest-growing AI companies we’ve seen.
“They prove that Europe has no shortage of exceptional founders. We’re excited to co-lead this investment in Lovable through the Scaleup Europe Fund, which reflects exactly why the Fund was established: to help Europe’s most ambitious technology companies become global leaders.”
The round also welcomed 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 US.
Returning investors include Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures.