Lovable, a new Stockholm-based AI app-building platform, has made their unicorn status official. Their Accel-led Series A funding round totaled $200 million, giving them a comfortable cushion. This astounding milestone comes only eight months after the company’s official start-up. Lovable has quickly emerged as an important social tech success story. After several funding rounds, it now has a valuation of $1.8 Billion.
Lovable’s CEO Anton Osika has long believed his company had the opportunity to deliver an unparalleled value-add service. Today, anyone can create complex websites and apps all through natural language. Based on this unconventional technique, their iteration has attracted more than 2.3 million active users! To date, the platform has inspired over 10 million projects! On top of that, the company has done well to grow an impressive base of enterprise customers, landing household names such as Klarna and HubSpot.
In February, Lovable filled its coffers with $15 million in a pre-Series A funding round led by Creandum. At the time, Lovable was posting really incredible ARR of $17 million. They had 30,000 paying customers who were loving their services. This latest Series A round is a testament to the robust growth of the platform. In just the past seven months since launching, it now has 180,000 paying subscribers and hit $75 million ARR.
Osika credits this rapid growth to the increasing demand for a low code development platform. He noted, “Every day, brilliant founders and operators with game-changing ideas hit the same wall: they don’t have a developer to realize their vision quickly and easily.” Lovable bridges the gap with their powerful, creative tools. These tools democratize the creative process, allowing anyone with an idea to start building their vision—even if they don’t have any technical expertise.
The $ 15 million ( € 14 million ) funding round was led by a collection of well-known investors, including 20VC , byFounders , Hummingbird and Visionaries Club . Some prominent angels have come to support the platform. Among them are Klarna CEO Sebastian Siemiatkowski and Slack co-founder Stewart Butterfield, both of whom offered substantial financial support.
Outside of Lovable’s incredible user growth, their capabilities have been allowing their users to accomplish growth that impacts their bottom line. One example app developed on the platform drew $3 million in donations within just 48 hours. This remarkable success not only reflects the phenomenal capacity for entrepreneurs to successfully monetize their projects.
Even as a start-up that has grown its full-time employees to a lean 45, Lovable is excited to keep building on what it offers. The company’s commitment to simplifying the app development process resonates with a broad audience, which is reflected in its substantial user base and increasing revenue figures.
As Lovable grows, so too does the promise of a growing national demand for technology solutions that unlock creativity and entrepreneurship in an accessible way. Looking ahead, with this transition, the future is bright for Lovable as it cements its place in the new world order of app development.