Lovable raised $400M at a $13.3B valuation, and the growth math explains the speed
Lovable raised $400 million at a $13.3 billion valuation, doubling its December figure, in a round led by Menlo Ventures and EQT's Scaleup Europe Fund. The Stockholm startup grew from open-source GPT Engineer to $200M ARR in under a year and now says nearly two-thirds of the Fortune 500 uses it.
The decision it puts on your desk
If you are a founder raising in the application layer, re-position your round this quarter, because Lovable set the comp at $13.3 billion on roughly $200M ARR and investor expectations moved with it. If you run enterprise engineering, schedule a 90-day evaluation of Lovable for internal tooling, because nearly two-thirds of the Fortune 500 already uses it and the Nursa and Checkr savings are now documented, not theoretical. If you build on Lovable, plan for the platform moving up the stack into payments and operations, because your dependency is becoming a business platform, not a prototyping tool.
Lovable raised $400 million in Series C funding at a $13.3 billion valuation, more than double its December price tag.
Menlo Ventures led the round. EQT's Scaleup Europe Fund co-led, and the investor list went global: Balderton and Carmignac from Europe, Kaszek and LTS Growth from Latin America, Tencent and World Innovation Lab from Asia, Regent from the US. Accel, CapitalG, DST Global, and Salesforce Ventures returned.
Read Lovable's history and the math lines up.
I have watched Lovable since it launched in late 2024, and the compounding is unlike anything else in the application layer. The company was born in 2023 as GPT Engineer, Anton Osika's open-source project. It renamed to Lovable and launched publicly in late 2024, and by July 2025 had raised $200 million at $1.8 billion, eight months after launch. Forbes called it the fastest-growing software startup ever.
People miss the revenue curve. Lovable hit $1 million ARR faster than any Swedish startup on record. By November 2025, Bloomberg reported $200 million in annualized sales. That is a $1 million to $200 million ramp in roughly a year.
"Lovable has done something rare: built a product that enterprises and founders both love," Laela Sturdy, managing partner at CapitalG, said when it led the Series B in December 2025. That round valued the company at $6.6 billion.
Now the platform reports more than 60 million projects created and over 900 million monthly visits to Lovable-built apps. Nearly two-thirds of the Fortune 500 has employees using it, up from half within its first year. Survey data shows eight in ten builders hope to monetize their project, and more than a third already earn revenue.
The customer stories read like the pitch. Nursa's VP of product built an enterprise product in a single weekend, and the company retired 10 SaaS systems. Checkr's operations team processes 10x more reports after fixing its QA workflow with Lovable. Lex Deak's WNTD saved £25-30K a month and closed a £3 million round.
I think the second-order signal is the important one. Lovable stopped being a pure code generator. Payments, SEO tooling, security scanning, and governance features now make it a place where businesses run, not just build.
"From the very start, Lovable was built for the billions of people with the creativity and knowledge to make something, but who had always been blocked by technical ability," Matt Murphy, partner at Menlo Ventures, said. "That focus has created extraordinary growth."
The company plans to grow headcount 50 percent to roughly 450 this year, and to push the product from prompts to proactive operation. It will keep post-training open-source models rather than committing to a single frontier lab, a deliberate hedge on token economics.
The comps are shifting beneath the category. Cursor sits at $29.3 billion, Replit at $3 billion, and Anthropic and OpenAI keep probing closer to app creation. A European company doubling to $13.3 billion in eight months changes what founders in this space can ask for.
I get the sense the reset is not finished.