Swedish vibe-coding startup Lovable has more than tripled its valuation within just five months, underscoring investor confidence in its rapid growth.
Stockholm-based Lovable announced on Thursday that it raised $330 million in a Series B funding round led by CapitalG and Menlo Ventures, achieving a valuation of $6.6 billion. Additionally, Khosla Ventures, Salesforce Ventures, and Databricks Ventures participated alongside other investors.
Notably, the latest round followed closely on the heels of a $200 million Series A raise in July, which valued the company at $1.8 billion, highlighting the speed at which its valuation has expanded.
Among the earliest startups to capitalize on the AI boom, Lovable developed a “vibe-coding” platform that enables users to generate code and build complete applications using text prompts. Since launching in 2024, the company has scaled at exceptional speed: it crossed $100 million in ARR within eight months and, just four months later, doubled that figure to exceed $200 million in annual recurring revenue.
Meanwhile, Lovable counts major software companies such as Klarna, Uber, and Zendesk among its customers. The company also reports that users create more than 100,000 new projects on its platform every day and built over 25 million projects during its first year of operations.
Looking ahead, Lovable plans to deploy the new capital to deepen integrations with third-party applications, expand enterprise-focused capabilities, and strengthen its core infrastructure. Specifically, the company aims to enhance offerings such as databases, payments, and hosting to support the development of full-scale applications and services.
Speaking onstage at this year’s Slush conference in Helsinki, Finland, Lovable co-founder and CEO Anton Osika attributed the company’s ability to scale to his decision to reject investor pressure to relocate to Silicon Valley. “It was tempting, but I really resisted that,” Osika said 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.”
However, in November, the company faced scrutiny over not paying VAT, a tax applicable to most goods and services across the European Union. Osika confirmed the lapse in a LinkedIn post, stating that Lovable would resolve the issue, while also disabling comments that argued such taxes discourage high-growth startups from operating in the EU.
At the same time, vibe coding remains a major focus area for venture capital investors. For instance, Cursor, another prominent player in the space, raised $2.3 billion in November at a $29.3 billion valuation. Similarly to Lovable, Cursor completed its second funding round of the year, with its valuation doubling between June and November.
