Swedish vibe coding startup Lovable has more than tripled its valuation in just five months.
Stockholm-based Lovable on Thursday said it had raised $330 million in a Series B funding round that was led by CapitalG and Menlo Ventures, at a $6.6 billion valuation. Khosla Ventures, Salesforce Ventures and Databricks Ventures also participated, as did other investors.
This raise comes mere months after Lovable raised a $200 million Series A round that valued the company at $1.8 billion in July.
One of the quickest to capitalize on the AI boom, Lovable has built a “vibe-coding” tool that lets people use text prompts to write code and build complete apps. The company launched in 2024, and has grown blazing fast: it reached the vaunted $100 million ARR milestone within eight months, and just four months later, doubled that to surpass $200 million in annual recurring revenue.
The company counts major software names like Klarna, Uber and Zendesk as customers, and claims that more than 100,000 new projects are built on its platform every day, and more than 25 million projects were created in its first year.
Lovable said it would use the new funding for building deeper integrations with third-party apps, expanding its features for enterprise use-cases, and flesh out its platform with the infrastructure needed — like databases, payments and hosting — to build full-fledged applications and services.
Lovable co-founder and CEO Anton Osika said on stage at this year’s Slush conference in Helsinki, Finland that he credits the company’s ability to scale to his decision to ignore calls from investors to relocate the company to Silicon Valley.
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“It was tempting, but I really resisted that,” Osika said on stage at the November conference. “I [can] sit here now and say, ‘Look, guys, you can build a global AI company from this country.’ There is more available talent if you have a strong mission, and you have a lot of urgency coming together as a group and working.”
In November, the company was called out for not paying VAT, a tax that applies to most goods and services in the European Union (EU). Osika confirmed that this was true in a LinkedIn post, saying that the company would remedy the situation, and shut down comments saying taxes like this are why the EU isn’t a good home for high-growth startups.
Vibe coding continues to be a hot area of investing for VCs. Cursor, another vibe coding darling, raised $2.5 billion in November at a $29.3 billion valuation. Like Lovable, this was also the company’s second funding round of the year, seeing its valuation double between June and November.
TechCrunch reached out to Lovable for any additional information.
