Vibe coding startup Lovable raises $330M at a $6.6B valuation

Swedish programming startup Lovable has more than tripled in value in just five months.

Stockholm-based Lovable said Thursday it has raised $330 million in a Series B funding round led by CapitalG and Menlo Ventures, at a valuation of $6.6 billion. Khosla Ventures, Salesforce Ventures, Databricks Ventures, and other investors also participated.

The raise comes just months after Lovable raised a $200 million Series A round that valued the company at $1.8 billion in July.

One of the quickest companies to capitalize on the AI ​​boom, Lovable has built a “dynamic coding” tool that lets people use text prompts to write code and build entire apps. Launched in 2024, the company has grown very quickly: it reached $100 million in annual recurring revenue within eight months, and after just four months, it doubled that to exceed $200 million in annual recurring revenue.

The company counts major software names like Klarna, Uber, and Zendesk as clients, and claims that more than 100,000 new projects are being built on its platform every day, with more than 25 million projects created in its first year.

Lovable said it will use the new funding to build deeper integrations with third-party apps, expand its features for enterprise use cases, and flesh out its platform with the necessary infrastructure — such as databases, payments, and hosting — to build full-fledged apps and services.

Beloved co-founder and CEO Anton Osika said on stage at this year’s Slush conference in Helsinki, Finland that he attributes the company’s ability to scale to his decision to ignore investors’ calls to move the company to Silicon Valley.

“It was tempting, but I really resisted it,” Osika said on stage 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 talent available if you have a strong mission and a lot of urgency to come together as a group and work.

In November, the company was criticized for not paying value-added tax, a tax that applies to most goods and services in the European Union. Osika confirmed this to be true in a LinkedIn post, saying the company would address the situation, and shut down comments saying such taxes are why the EU is not a good home for high-growth startups.

Biometric programming remains a hot area of ​​investment for venture capitalists. Cursor, another programming darling, raised $2.5 billion in November at a valuation of $29.3 billion. Like Lovable, this was also the company’s second funding round this year, seeing its valuation double between June and November.

TechCrunch has reached out to Lovable for any additional information.