AI software-building startup Lovable has secured a $400 million Series C funding round that doubles its valuation to $13.3 billion, according to Business Insider. The Stockholm-based company, which enables users to build software through natural-language prompts, reached the milestone just seven months after its previous raise.
Funding Details and Investors
Menlo Ventures led the Series C financing alongside the EQT-managed Scaleup Europe Fund, according to Business Insider. Lovable previously raised $330 million at a $6.6 billion valuation in December, according to Business Insider.
Annual recurring revenue at Lovable has nearly tripled since December, cofounder and CEO Anton Osika wrote in a LinkedIn post announcing the funding on Wednesday, as cited by Business Insider. The company disclosed in March that annual recurring revenue reached $400 million, up from $300 million a month earlier and $200 million at the end of 2025.
Platform Growth and Strategic Shift
More than 60 million projects have been created on the Lovable platform since its launch in November 2024, according to a company blog post cited by Business Insider. Osika stated that the company will deploy the new capital to transition Lovable from a tool for building software into a comprehensive platform for running a business.
“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,” Osika wrote, as reported by Business Insider.
Market Context Among AI Competitors
Lovable’s $13.3 billion valuation positions the firm among Europe’s most valuable private AI companies, sitting just below French AI model-maker Mistral at approximately $14 billion, according to Business Insider. Lovable sits ahead of rival Replit, which reached a $9 billion valuation in March, according to the same report.
The broader AI coding sector has seen massive transaction values. SpaceX agreed to acquire Cursor for $60 billion in June, while app-building platform Emergent secured $130 million at a $1.5 billion valuation in July, according to data cited by Business Insider.
Related reading