Lovable hits $13.3B valuation with $400M Series C round
Stockholm-based Lovable just closed a $400 million Series C at a $13.3 billion valuation. Eight months ago, in December 2025, that valuation was $6.6 billion. The round was led by Menlo Ventures and co-led by EQT’s Scaleup Europe Fund, with Balderton Capital, Carmignac, Tencent, World Innovation Lab, and Regent also participating.
The usage numbers
Lovable launched in November 2024. Since then, users have created more than 60 million projects on the platform. Apps built on Lovable now generate more than 900 million monthly visits. That is not a vanity metric from a pitch deck. That is the pace of adoption the investors are pricing in.
What Lovable actually is
It’s a vibe coding platform: describe what you want in plain language, and the AI generates the underlying software. No deep coding skills required. The platform now supports payments, integrations with Google Workspace, Microsoft 365, Salesforce, and Stripe, plus security and governance features for teams. Adidas, Nvidia, and Deutsche Telekom are among the companies the developer says use it for software and internal workflows.
The bigger picture
Lovable sits inside a fast-moving market. Replit and Cursor are the other major players, while OpenAI, Google, and Anthropic are each building their own AI coding tools. Gartner’s May report projected that by 2027, agentic coding will be common across the software development process, and over 65 percent of engineering teams using such tools will treat traditional IDEs as optional.
Stack Overflow’s 2025 Developer Survey found 84 percent of respondents were using or planning to use AI tools in development, up from 76 percent a year earlier. Among professional developers, 51 percent reported using AI tools daily. About 70 percent of developers using AI agents said they saved time on specific tasks, and 69 percent reported higher productivity. McKinsey’s 2025 State of AI survey found 71 percent of respondents regularly using generative AI in at least one business function, with software engineering among the top areas.
The SaaS question
The more interesting operator question is what this does to SaaS spending. The UK’s National Cyber Security Centre flagged this directly in a March 2024 blog post titled “Vibe check: AI may replace SaaS (but not for a while).” The NCSC’s take: startups are already using vibe coding to build alternatives to non-core SaaS products, and larger companies are experimenting with internal tools they might previously have bought from vendors. But the NCSC expects any broad shift to take years, not months. Large software vendors still hold advantages in security, compliance, data, integrations, reliability, and customer support that are hard to replicate with AI-generated applications.
For now, the pattern looks like AI building smaller, custom internal tools while companies continue buying critical systems such as ERP, CRM, and cybersecurity software from established vendors.
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