Swedish vibe coding startup Lovable has more than tripled its valuation in just five months. The Stockholm-based company announced it raised $330 million in a Series B funding round led by CapitalG and Menlo Ventures, achieving a $6.6 billion valuation. Khosla Ventures, Salesforce Ventures, and Databricks Ventures also participated, along with other investors.
This new funding comes mere months after Lovable raised a $200 million Series A round that valued the company at $1.8 billion in July. One of the quickest to capitalize on the AI boom, Lovable has built a “vibe-coding” tool that lets people use text prompts to write code and build complete applications.
The company launched in 2024 and has grown at a blazing speed. It reached the $100 million annual recurring revenue milestone within eight months of launch. Just four months later, it doubled that to surpass $200 million in annual recurring revenue.
Lovable counts major software names like Klarna, Uber, and Zendesk as customers. The company claims that more than 100,000 new projects are built on its platform every day, and that more than 25 million projects were created in its first year.
Lovable said it will use the new funding to build deeper integrations with third-party apps, expand features for enterprise use-cases, and flesh out its platform with the infrastructure needed—like databases, payments, and hosting—to build full-fledged applications and services.
Co-founder and CEO Anton Osika spoke at this year’s Slush conference in Helsinki, Finland. He credited the company’s ability to scale to his decision to ignore calls from investors to relocate the company to Silicon Valley. He stated that it is possible to build a global AI company from Sweden, emphasizing the availability of talent when a company has a strong mission and urgency.
In November, the company was called out for not paying VAT, a tax that applies to most goods and services in the European Union. Osika confirmed this was true in a public post, saying the company would remedy the situation. He also shut down comments suggesting such taxes are why the EU isn’t a good home for high-growth startups.
Vibe coding continues to be a hot area of investment for venture capitalists. Cursor, another prominent vibe coding company, raised $2.5 billion in November at a $29.3 billion valuation. Like Lovable, this was also Cursor’s second funding round of the year, seeing its valuation double between June and November.