Lovable funding: Every round, investor, and valuation (2026)

Lovable sells an AI app builder. A user describes a website or a piece of software in plain English, and Lovable writes the code, sets up the database, and hosts the finished app. Most of its users are not engineers: they are founders, marketers, and product teams at companies such as Klarna, HubSpot, and Workday who want working software without waiting for a developer.

Lovable has raised about $952 million across five rounds since 2023, all of it equity. Its latest round, a $400 million Series C announced in August 2026, valued the Stockholm company at $13.3 billion.

Almost all of that money arrived from July 2025 onward. The company grew out of an open-source coding project, launched under the Lovable name in late 2024, and has raised larger rounds at higher prices each time its revenue doubled. Let's dive into Lovable's funding history.

Lovable's funding falls into two stretches: two small rounds for an open-source side project, then three large rounds for one of the fastest-growing software companies in Europe. The second stretch began once paying customers showed up in numbers.

Lovable started as GPT Engineer, an open-source tool that Anton Osika released in 2023. It let developers generate a whole codebase from a short prompt and collected more than 50,000 stars on GitHub. Osika, a physicist who had worked at the European particle physics lab CERN, then founded a company around it with Fabian Hedin.

Hummingbird and byFounders agreed to back the company in 2023, though the round was only announced in October 2024. Angels included Siavash Ghorbani of Shopify, Fredrik Hjelm, who co-founded the scooter company Voi, and Stefan Lindeberg, a co-founder of Creandum. The money went to hiring, compute, and data.

The company relaunched as Lovable in late 2024, with a browser product aimed at people who do not code. By February 2025, it reported $17 million in annual recurring revenue (ARR) and more than 30,000 paying customers with a team of about 15. Creandum led a $15 million round that month, joined by Quora founder Adam D'Angelo and Hugging Face co-founder Thomas Wolf.

Accel led the Series A in July 2025, eight months after Lovable's launch. The round made Lovable a unicorn, and the company called it one of the largest Series A rounds in European history.

The angel list read like a guide to European and US software. It included Klarna CEO Sebastian Siemiatkowski, Slack co-founder Stewart Butterfield, HubSpot co-founder Dharmesh Shah, Datadog CEO Olivier Pomel, and ElevenLabs co-founder Mati Staniszewski. Supabase CEO Paul Copplestone also invested, which matters because Supabase runs the database behind many Lovable apps.

A week later, Lovable said it had passed $100 million in ARR with 45 full-time staff. It had 2.3 million active users and 180,000 paying subscribers.

The Series B arrived five months later. CapitalG, Alphabet's growth fund, and the Anthology fund that Menlo Ventures runs with Anthropic co-led it. CNBC reported the price two days before the announcement, by which point Lovable had passed $200 million in ARR.

The Series B also brought in the venture arms of companies that build software alongside Lovable or sell to the same buyers: Nvidia, Salesforce, Databricks, Atlassian, HubSpot, and Deutsche Telekom. Kinship Ventures, where actor Gwyneth Paltrow is a general partner, joined as well.

In July 2026, Sifted reported that Lovable was in talks to raise about $300 million at $13.2 billion. The round closed larger than that in August, with Menlo leading and the Scaleup Europe Fund co-leading. That fund is managed by EQT and backed by the European Commission to keep fast-growing companies in Europe.

The Series C added investors from outside the US and Europe for the first time: Tencent and World Innovation Lab from Asia, and Kaszek and LTS Growth from Latin America. No employee tender offer or debt financing has been reported.

Lovable's valuation rose about sevenfold in 13 months. Each step followed a jump in revenue, and the price per dollar of revenue has stayed high throughout.

The Series B priced Lovable at about 3.7 times its Series A valuation, just five months later. The Series C doubled the price again over eight months. Revenue grew faster than the valuation in that second step, so investors paid less per dollar of ARR in August 2026 than in December 2025.

That still leaves Lovable priced at more than 20 times its run rate. For comparison, Replit's funding rounds, the closest US rival, valued it at $9 billion in March 2026. Investors are paying for growth that has added roughly $100 million of ARR a month at times in 2026.

Osika and Hedin, employees, and the funds that led its rounds own the company. None of their stakes have been disclosed.

Lovable's cap table has three layers. Nordic seed funds backed the founders early, US growth investors priced the large rounds, and a long list of corporate venture arms and founder angels joined for access.

Menlo is the only firm that led two of Lovable's rounds. It co-led the Series B through Anthology, the fund it runs in partnership with Anthropic, and led the Series C outright. Partner Matt Murphy was quoted in both announcements.

The link to Anthropic matters because Lovable buys Claude models. Every app a user builds runs through model calls, so Lovable's growth feeds how Anthropic sells Claude to developers.

CapitalG, Alphabet's independent growth fund, co-led the Series B and returned for the Series C. Partner Laela Sturdy was quoted in the Series B announcement.

The relationship runs deeper than the cap table. In June 2026, TechCrunch reported that Lovable signed a multiyear Google Cloud deal that raises its usage about fivefold and widens its access to Gemini models. That spending flows straight back into Google's cloud business.

Accel led the $200 million Series A that made Lovable a unicorn and has joined both rounds since. The firm framed the bet around the large majority of people who want to build software but cannot code.

These are Lovable's earliest institutional backers. Hummingbird, based in Belgium, and byFounders, based in Copenhagen, co-led the pre-seed. Stockholm's Creandum, an early investor in Spotify, led the February 2025 round.

All three came back for the Series A. Creandum also joined the Series B, while Hummingbird and byFounders did not appear in the later lists.

EQT invested through its growth fund in the Series B, then co-led the Series C through the Scaleup Europe Fund. Lovable was one of that fund's first investments. Balderton, a London firm, joined in the Series C.

Lovable's corporate backers double as customers, partners, or both. NVentures is Nvidia's venture arm, and Nvidia is also a Lovable customer. The stake fits Nvidia's chip-selling business, which backs AI software companies whose growth drives demand for its chips.

HubSpot Ventures, Salesforce Ventures, Atlassian Ventures, Databricks Ventures, and Deutsche Telekom's T.Capital each joined the Series B. Lovable now connects to HubSpot, Salesforce, and Google Workspace, and Deutsche Telekom is a customer. Tencent joined in the Series C.

Lovable's angels are mostly founders and executives of software companies. Siemiatkowski backed it while running a company where he holds super-voting control of Klarna, and Klarna became a customer. Others include Butterfield, Shah, Pomel, Synthesia's Victor Riparbelli, Revolut's Nik Storonsky through QuantumLight Capital, and Supercell's Ilkka Paananen.

Lovable spends its funding on people, model costs, and a growing platform. The Series C announcement said the money would help turn Lovable into a place to run a business, not only build an app.

Lovable reached $400 million in ARR in early 2026 with only 146 employees, according to its chief revenue officer, Ryan Meadows. It now plans to grow to about 450 people by the end of 2026, mostly in machine learning, product, infrastructure, and security.

Stockholm remains the main office. Lovable is also hiring in London, Boston, San Francisco, and New York to sell to US and UK enterprises.

Every prompt a user types costs Lovable money. The company buys models from Anthropic, OpenAI, and Google, and post-trains open-source models of its own. In August 2026, it argued that users should not have to pick a model at all, which gives Lovable room to route each task to the cheapest model that can handle it.

That routing matters for margins. The Information reported a gross margin of about 35% in mid-2025, low for a software company, because model costs scale with usage.

Sacra reported a target of 65% for the second half of 2026. Lovable has not confirmed either figure.

Those model labs also raise far more than Lovable does. Anthropic's own funding rounds are measured in tens of billions, and part of that money competes with Lovable directly through products such as Claude Code.

Lovable started buying companies in late 2025. It acquired Molnett, a Swedish cloud provider, in November 2025 to run apps on infrastructure it controls in Europe. In July 2026, it hired the three founders of Nalvin, a Swedish AI agent startup formerly called Version Lens.

Osika said in March 2026 that Lovable was actively looking for more acquisitions. Lovable has also started investing in other startups, including a small stake in Atech, a Danish company applying the same approach to hardware design.

The rest goes into the platform. Lovable Cloud, launched in September 2025, gave users a built-in back end with databases, login, and hosting. Since then, Lovable has added payments, security scanning, and integrations with Stripe, Shopify, Microsoft 365, and Salesforce.

Lovable makes money from monthly subscriptions sold in credits. The Pro plan costs $25 a month and the Business plan $50, with enterprise contracts priced separately. More features mean users build more, which uses more credits.

Enterprises are Lovable's main growth focus. The company says nearly two thirds of Fortune 500 companies now use it, and its September 2026 partnership with Microsoft lets companies deploy Lovable apps inside their own Microsoft accounts with existing sign-in and data controls. New investors from Asia and Latin America point to growth outside the US and Europe too.

The product is moving from building apps to running them. The Series C pays for features that help users sell what they build, from payments to search tools, after a company survey found that nearly eight in 10 builders hope to earn money from their apps. Lovable users now create more than 60 million projects, and their apps get more than 900 million visits a month.

Lovable has not filed for an IPO and has not discussed public plans for one. The main risks are margins that depend on model suppliers who also compete with it, security, after an April 2026 incident exposed chat histories and source code on some public projects, and rivals such as Replit, Bolt, Vercel's v0, and Wix's Base44, as well as Cursor, a $60 billion competitor for developers whose venture-backed ownership looks much like Lovable's. The next round will likely depend on Lovable showing that its revenue holds up as AI app builders take a growing share of startup funding.

Lovable has raised about $952 million across five rounds since 2023. The largest were a $330 million Series B in December 2025 and a $400 million Series C in August 2026. The company has not reported any debt.

Lovable's lead investors are Menlo Ventures, CapitalG, Accel, Creandum, Hummingbird, byFounders, and EQT. Other backers include Nvidia's NVentures, Salesforce Ventures, Databricks Ventures, HubSpot Ventures, Atlassian Ventures, Khosla Ventures, DST Global, Balderton, and Tencent.

Lovable was valued at $13.3 billion after its $400 million Series C in August 2026. That was about double its $6.6 billion Series B valuation from December 2025.

No. Lovable is private and has not filed for an IPO. Its shares are not traded on any stock exchange.

Lovable is owned by its founders, employees, and investors. Co-founders Anton Osika, the CEO, and Fabian Hedin still run the company. The largest outside holders are likely the funds that led its rounds, including Menlo Ventures, CapitalG, Accel, and Creandum, though exact stakes are not public.