With Lovable reaching $200 million, its CEO attributes its success to remaining in Europe

Swedish programming unicorn Lovable has doubled its annual recurring revenue (ARR) to $200 million in just four months, co-founder and CEO Anton Osika said on stage at the Slush technology conference 2025 in Helsinki, Finland.

The milestone comes just four months after the year-old company surpassed $100 million in ARR in July.

Osika credited the AI-assisted coding software maker’s decision not to move to Silicon Valley as the main reason for his success so far. Lovable decided to stay in Europe despite receiving a lot of early advice that the company would only succeed if it left the region and moved to the United States, Osika said.

“It was tempting, but I really resisted,” Osika said. “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.

He added that the fact that the AI ​​market in Europe is not as fast-paced as the market in Silicon Valley has worked to his company’s advantage.

Investor Zhenya Loginov, a partner at Accel, said the company had “flipped the script” by bringing in strong talent from Silicon Valley companies like Notion and Gusto to work in person in Stockholm.

Osika also credited the company’s open source community for continuing to improve his technology.

“We see all these people in the community stepping forward,” Osika said. “They’ve been active voices on Discord, I think, for the last 1,000 hours, discussing kind of the WordPress process. And that’s been what supports what we’re doing.”

Lovable’s achievement comes as live programming continues to gobble up venture capital and achieve growing traction among users. AI coding assistant Cursor announced last week that it had raised $2.3 billion in a new funding round that valued the company at $29.3 billion in a round that Accel also helped lead.

Lovable has raised more than $225 million in venture funding since its founding a year ago. The startup recently raised a $200 million funding round in July led by Accel as well as more than 20 other investors. That round valued the company at $1.8 billion.