Lovable says it added $100 million in revenue last month alone, with just 146 employees

Lovable surpassed $400 million in annual recurring revenue in February, the Stockholm company confirmed to TechCrunch. But she declined to say whether she still expects to reach $1 billion by the end of the year, saying her focus is “helping construction companies scale their impact through our platform.”

Along with Cursor, Mercor and others, Lovable is part of a wave of tools that make it easier to build websites and apps using natural language, a practice known as vibe coding. This initially resonated with individuals and startups, but the three-year-old company has been pushing hard to secure enterprise customers, which already include Klarna, HubSpot and others.

Lovable’s first brand campaign, “Earworm,” which rolled out this week across social media, YouTube and connected TV, continues to speak to everyday users. The film follows a woman who can’t get rid of a song performed by the Swedish band Boko Yout, until she finally opens Lovable and incorporates it into a working app. The creative team behind the campaign built the band app featured in the film using Lovable itself as a practical, real-life product. “The purpose of this brand campaign is to inspire the next generation of builders — non-technical people who have great ideas that deserve to be brought to life,” a TechCrunch spokesperson said.

This overall message is one of the factors that helped Lovable attract around 8 million users and become a unicorn in less than a year after its launch. But its potential to secure corporate dollars likely played a major role in boosting its value to $6.6 billion.

More than half of Fortune 500 companies use Lovable to “boost creativity,” co-founder and CEO Anton Osika announced at Web Summit last November. The company has added a host of custom features — often security-related — to convince companies to use it for more than just prototyping and prevent them from being canceled over time.

Revealing ever-increasing ARR numbers is a way for the company to show that its success is not fading. It previously announced $100 million last July, $200 million last November, and $300 million in January, suggesting that its revenue growth has accelerated in recent months despite the emergence of AI coding tools from major AI labs like Anthropic and OpenAI.

Neither Claude Code nor Codex is a coding platform, and the idea that they can seamlessly build entire applications may be a stretch, but the parent companies may eventually decide to compete with Lovable, which is built on top of their models. However, Osika has shown little interest, and the company’s latest usage metrics provide some support for that confidence.

The most recent spike in users was linked to a specific promotion – Lovable’s SheBuilds initiative on the occasion of International Women’s Day on March 8, when the entire platform was free for one day. “We’ve seen a lot of records,” the company told TechCrunch. “What we’re most proud of is that over 500,000 projects were created or updated on Lovable that day (compared to a typical daily average of [approximately] 200,000).

Also noteworthy is the fact that Lovable achieved $400 million in annual revenue rate with just 146 full-time employees, chief revenue officer Ryan Meadows told Business Insider. The company is now planning to increase the number of its employees, and there is scope for that. Its recently opened space in Stockholm seats 300 people, and the company is also hiring in Boston, London, New York, San Francisco and remotely.

Even counting these 70 open positions, Lovable’s revenue-to-employee ratio is likely to remain well above industry standards. Research firm Gartner predicts a new wave of startups will emerge by 2030 at $2 million per employee. At $2.77 million in ARR per employee, Lovable has already surpassed that number.