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

Lovable, a Swedish startup specializing in vibe coding, has achieved remarkable growth, tripling its valuation in just five months. On Thursday, the Stockholm-based company announced it secured $330 million in Series B funding, led by notable investors such as CapitalG and Menlo Ventures, pushing its valuation to an impressive $6.6 billion. This funding comes shortly after Lovable raised $200 million in a Series A round in July, which valued the company at $1.8 billion. The rapid ascent of Lovable reflects its successful integration of artificial intelligence, offering a unique ‘vibe-coding’ tool that allows users to create code and build complete applications using simple text prompts. Founded in 2024, Lovable has rapidly expanded, achieving a milestone of $100 million in annual recurring revenue (ARR) within just eight months. Remarkably, it doubled this figure to over $200 million in ARR just four months later. The company boasts an impressive client roster, which includes major players like Klarna, Uber, and Zendesk, and reports that over 100,000 new projects are created on its platform daily, totaling more than 25 million projects in its inaugural year. The newly acquired funds will be directed toward enhancing integrations with third-party applications, developing features for enterprise users, and expanding the platform's infrastructure to support databases, payments, and hosting for comprehensive application development. During a recent appearance at the Slush conference in Helsinki, Lovable's co-founder and CEO Anton Osika highlighted the importance of maintaining the company's roots in Sweden despite pressures to relocate to Silicon Valley. He emphasized that a strong mission and a sense of urgency among the team can foster a thriving global AI company right from Sweden. In November, Lovable faced scrutiny over its VAT payments—an issue Osika acknowledged in a LinkedIn post, pledging to address the situation while also countering comments that criticized the EU as a challenging environment for high-growth startups. The vibe coding sector continues to attract significant venture capital interest, as demonstrated by Cursor, another startup in this space, which recently raised $2.5 billion at a valuation of $29.3 billion, marking its second funding round of the year with a valuation that doubled within six months. TechCrunch is seeking additional insights from Lovable as they continue to evolve in this competitive landscape.