Lovable raised $400M at a $13.3B valuation, with Menlo Ventures returning as lead and EQT Group's Scaleup Europe Fund co-leading. The Stockholm-based AI app-builder has grown the number of projects on its platform from 25M to 60M in the 8 months since its December Series B, and monthly visits to those Lovable-built products have gone from 200M to 900M in the same stretch. ARR nearly tripled over that period, though the company did not disclose the underlying revenue figure.
The valuation puts Lovable among the most richly priced private companies to emerge from Europe in the AI cycle, and the round underscores how quickly capital is flowing to the category loosely known as vibe coding — natural-language interfaces that turn a prompt into a working web app. Menlo's decision to lead a second consecutive round is the sharper signal: repeat leads at rising marks generally indicate the numbers behind the metrics look at least as good as the metrics themselves.
“We will build a long-lasting global business from Europe.”— Anton Osika, Lovable CEO
CEO Anton Osika framed the round as a commitment rather than a milestone, pointing back to what Lovable said it would do at the Series B: deeper integrations, stronger governance, and infrastructure for running software at scale. The 4.5x jump in monthly visits to Lovable-built products is the more revealing datapoint — it suggests that a growing share of the apps being generated on the platform are actually being used by end customers, not just spun up and abandoned.
Key facts
- 01Lovable raised $400M at a $13.3B valuation, with Menlo Ventures leading and EQT Group's Scaleup Europe Fund co-leading.
- 02Projects built on Lovable jumped from 25M at the December Series B to 60M today, a 2.4x increase in 8 months.
- 03Monthly visits to Lovable-built products climbed from 200M to 900M in the same window, a 4.5x jump.
- 04ARR nearly tripled in the 8 months since the Series B, though Lovable did not disclose the current revenue number.
- 05Menlo Ventures is doubling down as returning lead investor, signaling conviction on the AI app-builder category.
The company plans to spend the round on model training, product, infrastructure, and security hires. Osika said Lovable intends to stay model-independent, routing tasks to whichever underlying model performs best rather than betting the platform on a single frontier lab. That posture matters commercially: it lets Lovable absorb price cuts and capability jumps from OpenAI, Anthropic, or Google without rearchitecting its stack.
“At our Series B in December, we committed to deeper integrations, stronger collaboration and governance, and the infrastructure people need to run software at scale. And then we did what we said we would do.”— Anton Osika, Lovable CEO
Security is the other stated priority. Osika said the platform aims to carry more of the security burden itself — spotting risks and prompting users toward safer decisions — so non-technical builders don't have to become security experts to ship production software. That's a direct response to the most common criticism of AI code generation: that it produces apps quickly but leaves subtle vulnerabilities behind.
The competitive landscape has thickened considerably in 2026. Cursor, Replit, Bolt, and v0 are all pushing on adjacent versions of the same thesis — natural-language software creation with progressively less human coding in the loop. Cognition is reportedly in talks to raise at a $40B valuation for its Devin agent, and Blacksmith raised $45M at a $550M valuation for AI code testing, both stories covered here recently. Lovable's differentiation is its explicit pivot toward the business-operator use case rather than the developer-productivity one.
That framing — Lovable as the platform for people who want to run a business, not just write code — is what the company is now leaning into. Osika pointed to founders building million-dollar businesses on the platform, corporate teams launching new product lines, and employees rewiring internal workflows with custom-built tools at a fraction of traditional software costs. If that positioning sticks, Lovable competes less with GitHub Copilot and more with the entire mid-market SaaS stack.
“Lovable has become the place where founders create million dollar businesses, business leaders spin up new product lines, and people inside companies rewire workflows and build tools that fit their exact needs, typically at a fraction of what software used to cost.”— Anton Osika, Lovable CEO
The obvious caveat: none of the disclosed metrics are revenue. 60M projects and 900M monthly visits are impressive, but they include free-tier usage, abandoned experiments, and one-off tests. The ARR triple is the number that matters, and Lovable did not put an absolute figure on it. Investors clearly saw the underlying data at diligence; public markets and future acquirers will eventually want to see it too. There's also the question of retention — how many of those 60M projects generate ongoing platform revenue versus a single build fee.
The strategic bet Menlo and EQT are making is that AI app-builders won't collapse into a feature of Cursor or ChatGPT, and that a horizontal platform aimed at business users can carve out durable share from vertical SaaS. That's a defensible thesis if Lovable executes on integrations, security, and enterprise governance — the three areas the company is now openly prioritizing. The $13.3B valuation gives it roughly two years of runway to prove the ARR curve isn't a one-off spike, and to convert its usage lead into a revenue moat before the frontier labs decide to build competing products themselves.
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