Lovable hits $13.3B valuation with $400M Series C raise
AI coding is still printing money for investors. Lovable just closed a $400 million round at a $13.3 billion valuation, more than doubling its $6.6 billion valuation from December in seven months.
The Numbers
Menlo Ventures led the round alongside the EQT-managed Scaleup Europe Fund. Lovable, which is headquartered in Stockholm, disclosed in March that it had hit $400 million in annual recurring revenue, up from $300 million a month earlier and $200 million at the end of 2025. CEO Anton Osika says ARR has nearly tripled since December.
More than 60 million projects have been created on the platform since its November 2024 launch. The company previously raised $330 million in December at the $6.6 billion mark.
Where the Money Goes
Osika says the funding will be used to shift Lovable from a build tool into a platform for running a business, not just building one. The natural-language-to-software platform is targeting both business leaders spinning up new product lines and individual workers building internal tools.
The Competitive Picture
The raise puts Lovable just below French AI model-maker Mistral’s roughly $14 billion valuation and ahead of AI coding rival Replit, which was valued at $9 billion in March. Emergent, another app-building platform, raised $130 million at a $1.5 billion valuation in July. SpaceX agreed in June to acquire Cursor for $60 billion.
For context on the wider gap: Anthropic was recently valued at $1.2 trillion on secondary markets, while OpenAI was valued at roughly $933 billion, according to Caplight data. Both figures reflect private-share trades, not priced rounds.
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