All seats at Copenhagen’s Bella Center were taken to the stage by Anton Osika, co-founder of the AI coding app, at this year’s TechBBQ Conference.
Lovable specializes in helping people build apps and websites, especially people with no experience in coding. This is one of the standouts of the popular AI category known as Vibe Coding, allowing users to guide their AI models when they create code, websites, or entire applications.
It was an appealing suggestion for users. In just eight months, the Swedish company has raised a $100 million series with a $100 million ARR and a $200 million valuation, becoming Europe’s fastest-growing unicorn. The Financial Times reported that investors already want to launch Series B and offer deals that value the $4 billion company. So far, there is no indication that Lovable is interested.
Speaking to TechCrunch, Osika laid out Lovable’s vision as the perfect place to build a software product. This is a platform that allows users (particularly founders) to be brought along throughout every stage of product development.
“If you run a business, there are a lot of things you want to set up, such as payments, understanding users, etc. “I want you to love helping out with all of these things.”
In late June, Lovable released an agent to help users read files, debug errors, search the web, generate images, and search files. This is the first step to surpassing that vision.
Lovable says it currently has over 2.3 million active users, of which 180,000 have paid subscribers. Osika said the company chose to pricing, simply determining what would help the company cover their costs. His favorite and lovable use cases include engineers whose marketers have built sales training platforms and run multiple small businesses on the platform.
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“In the past, I was able to create a really great first draft using Lovable. Now I can build a complete product, which is similar to working with real developers,” he said.
The code generated by AI has been criticized as being overly vulnerable and is better suited to demos than the finished product, but Osika says he’s not worried. CEOs should review all code before publishing.
Currently, Lovable works with other basic models, such as Anthropic’s Claude and Openai’s GPT-5. There is some tension in that relationship, as each of its own product development services, Claude Code and Codex, is run. These systems aren’t exactly the same as adorable, but it’s easy to imagine which model companies are trying to steal Lovable users with a strategic product shift.
So far, Osekka doesn’t seem to be worried. He told TechCrunch that Lovable is simply focused on building the best products and can do that by leveraging all the different types of AI model providers, but providers need to stick to their own models.
“It puts us in a better position than they do,” he continues, tapping on a number of basic models, giving the company the flexibility to grow rapidly without carrying the weight of overlapping infrastructure, while also giving the company the flexibility to give users “unparalleled features.”
“The scope of what you can achieve is constantly expanding,” he continued. To win the competition, he says he focuses on how the team remains fast and secure while providing an easy user experience.
“If we continue to do that, we’re going to build trust with our customers more than anyone else,” he said. “That’s easy.”
It’s only been a month since Figma, one of Lovable’s companions in the app design space, launched the hit IPO and reached a market capitalization of $19.3 billion on the first day. When asked about Figma, Osika once again said that his company is focusing on creating the best products for its users.
“As long as we listen to the users and give them what they need, that’s what’s important,” he said.
Lovable is already deeply connected to the Swedish technology market. Osica grew up in Stockholm and founded a company there. According to Pitchbook, the company’s list of investors includes a list of top European companies and angel investors, such as Stefan Lindeberg (Swedish, Scandinavian gaming venture). Fredrik Hjelm (founder of Swedish, Guestit), Greens Ventures (Nordic), Hummingbird Ventures (London); 20VC (London, founded by Harry Stevings, launched Project Europe to increase its investment in the ecosystem).
European-based Revolut CEO Nik Storonsky is also an angel investor for the company, as well as Sweden founder Sebastian Siemiatkowski. Other well-known clients include Hubspot and Photoroom.
During the meeting, investors and founders lamented what a company residing in Europe means for the Scandinavian startup ecosystem.
“The success of the beloved and other European AI unicorns is the success of all Europe,” Shamira Bankuya, principal of the British Dawn capital, said in an interview with TechCrunch. Though she’s not an investor, her company has been following Osica for a while and has invested in other AI companies through Dawn.
“The greater effect is cultural, beyond the immediate impact of the thousands of Europeans employed in these companies,” she continued. “Up the bar for what ambitious founders across the continent can dream of and achieve.”
Osica said her adorable plan to stay in Europe despite having a team in Los Angeles. Many European tech companies have finally found themselves moving to the state for access to more capital and opportunities, but Osica hasn’t seen anything to love as one of them for now.
With the success of Lovable, Osika began investing in the other founders themselves. Propane is Dennis Green Reaver’s Danish customer intelligence company. Green-Lieber said that what is lovable proves what many people in the Scandinavian scene already feel.
“Yes, while giants like Zendesk, Unity, Klarna and Spotify have been around for the last decade, the Lovable show is that you can build a category-defined company with small teams, global mindset and relentless efforts,” he continued. “As the founder, we can set fire in our ecosystem and see this happen at home.”
This article has been updated to clarify the invested round deer.
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