Sweden’s Lovable valued at $13.3bn with Scaleup Europe Fund backing

AI coding start-up Lovable has secured $400 million in fresh funding, valuing the Swedish company at $13.3 billion, as part of a Series C round led by Menlo Ventures and co-led by the EU's Scaleup Europe Fund. The funding boost, which doubles Lovable's valuation from $6.6 billion to $13.3 billion, comes from investors such as Balderton Capital, Europe's Carmignac, World Innovation Lab, Accel, HubSpot and Salesforce Ventures.

Lovable enables creators without coding knowledge to build AI-powered apps and websites. Since its launch in late 2024, users have built over 60 million projects using the platform. In recent months, Lovable has integrated payment functionalities and other features to help users monetise their creations. The company aims to expand its product, infrastructure and global team, currently spread across Stockholm, London, Boston, San Francisco and New York, to around 450 people. Hiring will focus on machine learning, product, infrastructure and security roles.

With the Scaleup Europe Fund supporting AI, quantum, clean energy, space-tech, biotech and medical innovation companies across Europe, Lovable hopes to challenge competitors like ChatGPT and Claude in the rapidly growing AI landscape.