Stockholm-based AI software company Lovable has raised $400 million in a Series C round at a $13.3 billion valuation. The round was led by Menlo Ventures and co-led by EQT’s Scaleup Europe Fund, with participation from Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, Tencent, World Innovation Lab, and Regent. Existing investors including Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures also participated. Founded in 2024, Lovable develops an AI-powered platform that allows users to create software applications without traditional coding skills. Lovable plans to use the new capital to expand its product and infrastructure, strengthen security and governance capabilities, and grow its workforce to around 450 employees, with hiring focused on machine learning, product, infrastructure, and security roles. The company will continue to be headquartered in Stockholm while expanding its operations in London, Boston, San Francisco, and New York.
Founded in Stockholm in 2024, Lovable develops AI software that allows users to build applications using natural-language instructions rather than conventional coding. The company has increasingly positioned the technology as a way for individuals and teams to develop internal tools and commercial products without relying entirely on dedicated engineering resources.
Lovable says more than 60 million projects have been created on its platform since its launch, while applications built with the technology now receive more than 900 million visits each month. The company also reports growing adoption among large enterprises, including Adidas, NVIDIA, and Deutsche Telekom.
Matt Murphy, Partner, Menlo Ventures: “From the very start, Lovable was built for the billions of people with the creativity and knowledge to make something, but who had always been blocked by technical ability. That focus has created extraordinary growth, a product people love, and a market that expands every time someone becomes a founder or a company rethinks how software gets made. We believe Lovable is, and will continue to be, one of the most generational companies of the AI era.”
The new funding will go toward product development, infrastructure, security, and hiring. Lovable plans to grow its workforce to roughly 450 employees this year, with recruitment focused primarily on machine learning, product, infrastructure, and security. The company will maintain its headquarters in Stockholm while expanding its presence in London, Boston, San Francisco, and New York.
Victor Englesson, Partner at EQT and Co-Head of the Scaleup Europe Fund: “Anton, Fabian, and the Lovable team have built one of the most ambitious and fastest-growing AI companies we’ve seen. They prove that Europe has no shortage of exceptional founders. We’re excited to co-lead this investment in Lovable through the Scaleup Europe Fund, which reflects exactly why the Fund was established: to help Europe’s most ambitious technology companies become global leaders.”
The funding comes as AI-assisted software development becomes increasingly competitive, with startups and established technology companies developing tools aimed at lowering the technical barriers to building applications. For Lovable, the latest round increases its financial backing as it seeks to expand beyond AI-assisted prototyping toward software that can be used to operate businesses and enterprise workflows.
Read the orginal article: https://arcticstartup.com/lovable-raises-400-million/
