A Swedish AI coding startup announced $330 million in Series B funding just months after confirming a $200 million Series A.
The latest tranche of investment in Stockholm-based Lovable now values the company at $6.6 billion, more than three times what it achieved during its previous round in July.
The Series B was led by CapitalG, the growth fund of Google’s parent company Alphabet, and Menlo Ventures. Other significant investors include nVentures, the venture capital arm of Nvidia, 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 build apps and websites using only text prompts.
“Lovable is a beloved product for all the right reasons,” said Matt Murphy, partner at Menlo Ventures. statement“They have done what was previously unimaginable by turning a latent market of millions of people into web developers and content creators,”
Layla Sturdee, managing partner at CapitalG, said: “Lovable has done something rare: created a product that both enterprises and founders love. The demand we’re seeing from Fortune 500 companies signals a fundamental shift in the way software is built.”
Lovable provided examples of its use cases, including Uber’s ability to reduce design concept testing from six weeks to five days and a large healthcare organization developing a nurse-recommended app that visualizes patient visits, which is now included in every invoice.
The startup is also facilitating the creation of new businesses, highlights lumuAn AI fashion platform with a virtual try-on feature that has achieved $800,000 in annual recurring revenue in nine months.
Lovable’s growth includes its own ARR of $200 million in November – up from $1 million a year earlier – while it claims 100,000 new projects are being created on the platform every day and more than 25 million have now been created. As well as Uber, it counts Klarna and Deutsche Telekom among its key clients.
The latest investment will be used to pursue deeper integration with existing software tools, customize the platform for organizations of all sizes, and strengthen its infrastructure.
