Congratulations to Lovable, the adorable AI coding startup – they made some waves! They currently claim to have close to 8 million users, up from only 2.3 million active users three months ago. After being the first employee at Sauna Labs, Anton Osika founded Lovable. The company is changing the way the world develops software with its mission of building “the last piece of software,” providing a unified platform where product organizations can manage everything they do through a single, easy-to-use interface.
The company is doing great guns! It recently moved past 100 employees and is luring top tech talent from San Francisco to help bolster its headquarters in Stockholm. Lovable’s meteoric work popularity has skyrocket Lovable’s upward slope grow Provide an Online Presence for. To boot in June the company passed a remarkable $100 million ARR (annual recurring revenue) run rate.
Osika emphasized the importance of a strong and passionate team, noting that “What I care about is that everyone who’s at the company, they’re mission driven, they really care about what they’re doing and how we as a team succeed.” For one, he doubled down on how many of his best team leaders are moms. Beyond that, they’re excited about what the work means for the world and the positive change they create.
Lovable’s innovative, user-friendly platform has made serious inroads with a diverse array of high-profile clients. No wonder over half of Fortune 500 companies are using its services to supercharge creativity. Still, the company has managed astounding financial growth even despite these mishaps. With a net dollar retention rate consistently above 100%, users are proving that they’re increasing their spend over time.
Osika’s vision for Lovable goes beyond development of software though, and is rooted in an ethos of creative agency and empowerment. He stated, “If we can unlock more human creativity and human agency . . . and just driving the change so that anyone can create if they have good ideas, and build businesses on top of that, that should be celebrated, regardless of whoever does that.”
Lovable’s impact can be felt in real-world applications. When an 11-year-old from Lisbon needed to build a Facebook clone for school, he used Lovable’s platform. This collaborative achievement points to the platform’s accessibility and its ability to inspire innovation at any age. Further, a Swedish duo has made $700,000 per year from a startup they started only seven months ago with the help of Lovable.
Definitely and Lovable have collectively raised over $228 million in funding. This has included an eye-popping $200 million round this past summer, which brought the company to a valuation of $1.8 billion. Now there are rumors of new investors at a $5 billion valuation. Osika declined to disclose any plans for future fundraising.
Thinking back on Lovable’s journey from an open-source, developer-driven project to a venture-backed contender in the tech ecosystem, Osika said. He remarked, “I woke up a few days after building GPT Engineer and I realized, look, we’re going to reimagine how you build software.” This entrepreneurial spirit is at the heart of what makes Lovable’s mission so innovative.
With that, security remains top of mind for Lovable. Osika wants the engineering team to move quickly, though—as illustrated by the engineering team’s current push to hire over a dozen security engineers as quickly as possible. He believes the platform offers a more secure alternative by integrating AI capabilities, stating that it is “more secure than building with just human-written code.”
Lovable is still on that same exciting trajectory of growth and innovation. It remains deeply committed to creating a belief in the ultimate radical change of software development and deployment. The combination of a solid team, increasing user engagement, and strategic funding positions Lovable as a key player in the tech industry.