$400 million round doubles valuation in eight months

Lovable, the Swedish startup behind the "vibe coding" AI app builder that turns plain-English prompts into deployable full-stack web apps, announced on August 12 that it has raised $400 million in a Series C round. The round was led by Menlo Ventures and co-led by the Scaleup Europe Fund, a European Union investment vehicle managed by EQT, and values the two-year-old company at $13.3 billion — more than double the $6.6 billion valuation it reached in a Menlo-led round just eight months earlier, in December.

New backers in the round include Tencent, Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth and Regent, spanning Europe, Asia and Latin America. Returning investors Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures and Salesforce Ventures also participated, according to Lovable's announcement and reporting from TechCrunch and Bloomberg.

Revenue and usage keep climbing

Lovable said annual recurring revenue crossed $500 million in June and is on track to approach $600 million by the end of August, up from a standing start when the product launched. The company says its platform now hosts more than 60 million user-created projects and draws roughly 900 million monthly visitors, figures it points to as evidence that non-technical users are increasingly building and shipping software directly from natural-language prompts rather than writing code by hand.

Why it matters

Lovable competes with a crowded field of AI app-building and coding-agent products — including Replit, Bolt.new, Cursor and Cognition's Devin — all racing to turn natural-language instructions into working software with minimal human intervention. The scale of this round, and the speed with which Lovable's valuation has doubled, signals that investors still see substantial room to grow in consumer- and SMB-facing "vibe coding" tools even as enterprise-focused coding agents also draw massive rounds. Lovable said the new capital will go toward expanding its platform, infrastructure and global team as it pushes further into helping non-developers run entire businesses through AI-generated software rather than just prototype apps.