A Swedish AI coding startup announced $330 million in Series B funding, mere months after confirming a $200 million Series A.
The latest tranche of investment in Stockholm-based Lovable sees the company now valued at $6.6 billion, more than triple what it achieved during its previous round in July.
The Series B was led by CapitalG, which is the growth fund of Google parent Alphabet, and Menlo Ventures. Other significant investors included NVentures, which is Nvidia’s venture capital arm, Salesforce Ventures, Databricks Ventures and Deutsche Telekom’s T.Capital.
Lovable’s platform uses AI models from established providers to allow users who have no technical expertise in coding to create apps and build websites using only text prompts.
“Lovable is a beloved product for all the right reasons,” said Matt Murphy, a partner at Menlo Ventures, in a statement. “They’ve done what was previously unimaginable by turning a latent market of tens of millions of people into web developers and content creators.”
Laela Sturdy, managing partner of CapitalG, added: “Lovable has done something rare: built a product that enterprises and founders both love. The demand we’re seeing from Fortune 500 companies signals a fundamental shift in how software gets built.”
Lovable provided examples of its use cases, which included Uber’s ability to cut design concept testing from six weeks to five days, and a large healthcare organizations developing an app suggested by a nurse that visualizes patient journeys, which is now incorporated into every invoice.
The startup is also facilitating the creation of new businesses, highlighting Lumoo, an AI fashion platform with a virtual try-on feature, that has achieved $800,000 in annual recurring revenue in nine months.
Lovable’s rise includes a $200 million ARR of its own in November — up from $1 million a year prior — while it claims 100,000 new projects are being built on the platform every day and more than 25 million have now been created. Alongside Uber, it counts Klarna and Deutsche Telekom as major customers.
The latest investment will be used to pursue deeper integrations with existing software tools, adapting the platform further for organizations of all sizes and beefing up its infrastructure.
