Lovable becomes a unicorn with $200M Series A just 8 months after launch
Fast-growing Swedish AI vibe coding startup Lovable has become Europe’s latest unicorn. Only eight months since its launch, the startup has raised a $200 million Series A round led by Accel at a $1.8 billion valuation.
Like Cursor and other platforms that help developers write code and build apps by harnessing the coding and reasoning abilities of large language models, Stockholm-based Lovable helps people use natural language to create websites and apps. The startup’s trajectory so far has charted straight towards the sky, with the company claiming it now has more than 2.3 million active users.
Those users are using Lovable for free, to be clear, but in a recent talk, the startup’s CEO Anton Osika said it now has more than 180,000 paying subscribers, and the company had reached annual recurring revenues of $75 million in seven months. That traction likely contributed to this oversized Series A.
The Series A saw participation from existing investors, which include 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club. In February, Creandum led a $15 million pre-series A round in the company, which at the time said it had reached annual recurring revenue of $17 million and had 30,000 paying customers, with “just $2 million spent.”
The startup has managed this hockey-stick growth with a pretty sparse team of only 45 full-time employees. That’s almost as many as the high-profile angel investors who it said participated in this round, including Klarna CEO Sebastian Siemiatkowski; Remote CEO Job van der Voort; Slack co-founder Stewart Butterfield; and Hubspot co-founder Dharmesh Shah.
Lovable has gained traction with non-technical users, whom it helps create prototypes that teams can collaborate on. This, and tests, are likely the bulk of the 10 million projects that have been created on Lovable to date, according to a press release. But Osika’s startup also envisions itself as a tool to create production-grade applications that could become full-on startups.
“Every day, brilliant founders and operators with game-changing ideas hit the same wall: they don’t have a developer to realize their vision quickly and easily,” Osika said in a statement. In a recent post on X, he wrote that he is now “an angel investor in a software startup built with Lovable,” which may be ad-testing platform Stardust (we reached out to the founder for confirmation, but haven’t heard back.)
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The Swedish entrepreneur also celebrated that an app made with Lovable had made $3 million in 48 hours hours; but rather than a startup, it was made by a large Brazilian edtech company. This could be another growth avenue for Lovable, which has already managed to acquire enterprise customers — including, not so coincidentally, Klarna and Hubspot.
This story has been updated.
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