The fast-growing Swedish AI vibe coding startup Lovable has become Europe’s latest unicorn. Just eight months after its launch, the startup raised a $200 million Series A round led by Accel at a $1.8 billion valuation.
Like cursors and other platforms that help developers leverage the coding and inference capabilities of large language models to create code and build apps, Stockholm-based Lovable helps people create websites and apps using natural language. So far, the startup trajectory has charted straight into the sky, claiming it now has more than 2.3 million active users.
These users use free and lovable things to be clear, but in a recent talk, startup CEO Anton Osika said that there are currently more than 180,000 paid subscribers, reaching recurring revenue of $75 million per year in seven months. Its traction could have contributed to this oversized Series A.
This Series A saw participation from existing investors, including 20VC, ByFounders, Creandum, Hummingbird, and Visionary Club. In February, Creandum led the company’s $15 million pre-series, reaching recurring annual revenue of $17 million at the time, with 30,000 paying customers, and “just $2 million spent.”
The startup manages the growth of this hockey stick with a rather sparse team of just 45 full-time employees. This is roughly the same as the high-profile angel investors who said they had participated in the round, including Klarna CEO Sebastian Siemiatkowski. Remote CEO Job van der Boat. Slack co-founder Stewart Butterfield. Dharmesh Shah, co-founder of Hubspot.
Most of Lovable’s traction seems to come from non-technical users, and use it to create prototypes that allow developers to later work together to build more fleshed-out apps and websites. This and testing are likely the majority of the 10 million projects ever created on the platform, the company said in a press release.
However, Lovable also envisions it as a tool that can be used to create production-grade applications that support serious business.
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“Every day, great founders and operators with ideas to change the game have hit the same wall. They don’t have the developers to make their vision come to life quickly and easily,” Osica said in a statement.
In particular, Osika recently stated in X that he is now an angel investor in software startups built with something ostensibly lovable. (Looking for some clues in the post, the startup looks like Stardust, ad testing platform. We reached out to the founder of StartDust to confirm, but there was no response.)
Osika also celebrated the app created by Brazil’s large Edtech Company using Lovable for selling $3 million in 48 hours. This could present another growth method for Lovable, which has already been able to acquire clients from companies, including Klarna and Hubspot.
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