Lovable says it’s nearing 8 million users as the year-old AI coding startup eyes more corporate employees

Lovable, an AI coding platform based in Stockholm, is nearing the impressive milestone of 8 million users, as revealed by CEO Anton Osika during a recent interview. This marks a significant leap from the 2.3 million active users reported just a few months ago in July. Osika highlighted that the startup, which was established just a year ago, is witnessing an astonishing creation rate of 100,000 new products daily on its platform. Having secured a total funding of $228 million, including a recent $200 million round this summer that pegged its valuation at $1.8 billion, Lovable is generating buzz in the tech community. Speculation has emerged about potential new investments at a valuation of $5 billion, although Osika maintained that the company is not facing any capital constraints and chose not to elaborate on future fundraising plans. During a discussion at the Web Summit in Lisbon, Osika refrained from providing the latest figure for Lovable’s annual recurring revenue, which celebrated reaching $100 million in June. However, there are growing concerns regarding the sustainability of the coding boom, especially considering recent research from Barclays and Google Trends, which indicated a 40% drop in traffic to Lovable since its peak earlier this year. Analysts have questioned whether the current downturn signifies a plateau in interest for vibe coding or merely a temporary lull. Despite these challenges, Osika reassured stakeholders that user retention remains impressive, boasting over 100% net dollar retention, which suggests users are increasing their spending over time. He also mentioned that Lovable has recently surpassed the 100-employee mark and is actively recruiting leadership talent from San Francisco to strengthen its headquarters in Stockholm. Lovable evolved from GPT Engineer, an open-source tool that gained significant traction among developers. Osika realized the potential to cater to a broader audience, stating, "I woke up a few days after building GPT Engineer and I realized, look, we’re going to reimagine how you build software." This new vision led him to partner with his co-founder, igniting the journey that has brought Lovable to its current status. The platform has garnered a diverse user base, with over half of Fortune 500 companies utilizing Lovable to enhance creativity. Osika shared anecdotes of users ranging from an 11-year-old in Lisbon who created a Facebook clone for school, to a Swedish duo earning $700,000 annually from a startup launched on the platform just seven months ago. However, security concerns linger in the vibe coding sector. Osika acknowledged a recent incident involving a leak of 72,000 images from an app built using vibe coding tools, including sensitive data. To address these issues, Lovable is prioritizing the hiring of security engineers and has implemented multiple security checks before users can deploy applications, although sensitive projects still require expertise akin to traditional development methods. When discussing competitors like OpenAI and Anthropic, Osika expressed optimism about the market's potential for multiple successful players. His focus remains on fostering creativity and enabling users to transform their ideas into viable businesses. He emphasized the importance of building an intuitive user experience rather than fixating on rivals. Osika envisions Lovable as a comprehensive platform that provides everything a product organization needs, from user insights to mission-critical feature deployment, all through a user-friendly interface. He encourages quick prototyping of ideas, enabling teams to test concepts with real users before allocating significant resources. Despite the extraordinary growth and attention from investors, Osika's demeanor remains relaxed and grounded. The former particle physicist, who transitioned from open-source developer to startup founder, is more invested in fostering a mission-driven work culture than in the pressures of the tech industry. He advocates for a balanced approach to work, highlighting the dedication of his team while acknowledging the realities of startup life.