Stockholm-based AI coding startup Lovable has secured $330 million in Series B funding, valuing the company at $6.6 billion, more than triple its $1.8 billion valuation after its $200 million Series A in July.
The funding round was co-led by CapitalG, Alphabet’s venture arm, and Menlo Ventures, with participation from Nvidia’s NVentures, Salesforce Ventures, Databricks Ventures, and Khosla Ventures, bringing Lovable’s total funding to over $500 million. Founded in 2023 by Anton Osika and Fabian Hedin, Lovable launched its platform in late 2024 and has seen significant growth, reporting annual recurring revenue of $200 million as of November, up from $100 million in July.
Lovable serves approximately 320,000 paying customers and sees over 100,000 new projects created daily. “Lovable has done something rare: built a product that enterprises and founders both love,” said Laela Sturdy, managing partner at CapitalG, in a statement. “The demand we’re seeing from Fortune 500 companies signals a fundamental shift in how software gets built.”
Major enterprises utilizing Lovable’s platform include Klarna, Uber, Deutsche Telekom, and Zendesk. The company highlighted that Deutsche Telekom reduced its development cycles from weeks to days, while Zendesk shortened prototype development from six weeks to just three hours.
Lovable plans to use the new capital to deepen integrations with third-party tools such as Stripe and Notion, expand enterprise features, and build infrastructure for production-ready applications. CEO Anton Osika aims to double the company’s headcount from 120 employees within the next year, stating, “If you’re a new company and you wish to build everything using Lovable, that should be entirely feasible.”
The funding comes amid intensifying competition in the AI-assisted coding market. Rival Cursor raised $2.3 billion in November at a $29.3 billion valuation, backed by Accel and with participation from Nvidia and Google. The market is projected to grow from $5 billion in 2023 to $26 billion by 2030.
