Business12 August, 20262 min read
Lovable Raises $400 Million Series C, Doubling Valuation to $13.3 Billion
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Lovable raised $400 million in a Series C round. Valuation reached $13.3 billion, doubling from December.
Lovable’s $400M Bet
Swedish vibe-coding startup Lovable said on Wednesday it raised $400 million in Series C funding at a $13.3 billion valuation, doubling its valuation from December. Reuters reported that Menlo Ventures and the EQT-managed Scaleup Europe Fund co-led the round, with Tencent and Balderton Capital among other new investors from Europe, Latin America and Asia. Lovable said the funding will let it move faster on the product, infrastructure, and team needed to make it “the best place to build and run a business,” according to CEO and co-founder Anton Osika.
The startup also said its annual recurring revenue has nearly tripled from $200 million and it is tracking toward $600 million by the end of August. Since its launch in November 2024, Lovable said people have created more than 60 million projects and Lovable-built apps attract more than 900 million visits a month.
Investors and Enterprise Use
The Series C round was backed by investors including Menlo Ventures and the EQT-managed Scaleup Europe Fund, while Reuters said Tencent, Balderton Capital and other new investors from Europe, Latin America and Asia also participated. In a statement, Anton Osika said, "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," as the company framed the raise as support for scaling operations. Lovable said it plans to grow to roughly 450 team members this year, hiring most heavily in machine learning, product, infrastructure and security roles.
The startup also pointed to enterprise adoption, saying companies including Nvidia, Deutsche Telekom and Adidas are building on the platform. TechCrunch reported that Lovable confirmed the $13.3 billion valuation and said it hosts 60 million projects that attract 900 million monthly visitors.
From Building to Running
Lovable’s fundraising comes after it raised $330 million at a $6.6 billion valuation in December, and Reuters said the new Series C more than doubled that valuation. Business Insider reported that Anton Osika wrote on Wednesday that business leaders are using Lovable’s software to "spin up new product lines," while workers use it to "build tools that fit their exact needs." The company said it will use the funding to turn Lovable into a platform for running, rather than simply building, a business, according to Business Insider.
Business Insider also said Lovable disclosed in March that it had reached $400 million in annual recurring revenue, up from $300 million a month earlier and $200 million at the end of 2025. TechCrunch added that Lovable told it it hit $500 million in annualized run rate revenue in June, and that its previous round brought in $330 million at a $6.6 billion valuation.