- Lovable has secured $400 million in Series C funding at a $13.3 billion valuation. The round was led by Menlo Ventures and EQT’s Scaleup Europe Fund.
- Almost two-thirds of Fortune 500 companies now have employees using the Stockholm-based startup, up from half only six months ago.
- In February 2026, Lovable reached $400 million in annual recurring revenue, with enterprise revenue accounting for approximately $20 million.
Lovable, a Stockholm-based vibe coding platform that lets users build software using plain language, raised $400 million in Series C funding at a $13.3 billion valuation.
Menlo Ventures led the round, with EQT’s Scaleup Europe Fund as co-lead. New investors include Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, Tencent, World Innovation Lab, and Regent.
Returning investors are Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures.
“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,” said Matt Murphy, partner at Menlo Ventures.
The AI code generation market is expected to grow from about $9.5 billion in 2026 to between $22 billion and $30 billion by 2030, with annual growth over 20%.
From CERN physicist to one of Europe’s fastest-growing startups
Anton Osika and Fabian Hedin founded Lovable in 2023.
Osika, a physicist who previously worked at CERN, had already built and sold Depict.ai in Stockholm before teaming up with Hedin. Lovable launched publicly in November 2024. In just eight months, it surpassed $100 million in annualised revenue, a pace the company says was faster than OpenAI, Cursor, and Wiz.
That same year, Lovable reached unicorn status with a $200 million Series A, followed by a $330 million round in December 2025 that tripled its valuation to $6.6 billion in six months and made both founders billionaires on paper.
Lovable lets users describe an app or website in natural language and get working software without writing code. The company has added payment tools for monetization, SEO and AI search features, and integrations with Google Workspace, Microsoft 365, Salesforce, Stripe, and ElevenLabs, along with automatic security scanning.
Enterprise adoption is outpacing the competition
Lovable competes with Cognition, Replit, and many new vibe-coding startups, but its investors highlight something harder to imitate: how deeply it is used inside large companies. Nearly two-thirds of the Fortune 500 now have employees using Lovable, up from half just six months ago. Cognition was last valued at $26 billion on about $490 million in annualised revenue, which is a higher valuation-to-revenue ratio than Lovable’s, even though both have similar momentum.
While Windsurf and Cognition focus more on helping professional developers, Lovable has reached further into non-technical users and integrated into enterprise workflows, with customers like Adidas, NVIDIA, Deutsche Telekom, Zendesk, and Handshake.
Lovable reached $400 million in annual recurring revenue in February 2026, five months ahead of its internal projections, Osika told Bloomberg Television in March 2026. However, enterprise revenue makes up only about $20 million of that total, according to Forbes.
Victor Englesson, partner at EQT and co-head of the Scaleup Europe Fund, calls Lovable one of the most ambitious and fastest-growing AI companies the firm has seen. He says backing it “reflects exactly why the Fund was established: to help Europe’s most ambitious technology companies become global leaders.”
What’s next
Lovable plans to grow to about 450 employees this year, mainly hiring in machine learning, product, infrastructure, and security. The company will keep its main base in Stockholm while expanding in London, Boston, San Francisco, and New York.
The company says the new funds will support deeper enterprise integrations, more governance and permissions tools, and continued post-training of open-source models. Whether its $13.3 billion valuation lasts will depend on how many of those Fortune 500 pilot projects become real contracts.
