The latest round follows another period of rapid revenue growth. Lovable told TechCrunch that it reached $500 million in annualized run rate revenue in June. The company now says 60 million projects are hosted on its platform and collectively receive 900 million visitors each month.
Lovable's product allows people to create software by describing what they want in natural language rather than writing the underlying code themselves. The platform has expanded beyond basic app generation with payment capabilities, security scanning and integrations with services including Google Workspace, Microsoft 365, Salesforce, Stripe and ElevenLabs.
As usage has increased, Lovable has also invested more heavily in the technology supporting its platform. Alongside access to established frontier AI models, the company offers a model it trained internally. It has also been working on continued post-training of open-source models.
Infrastructure requirements are growing with the platform. In June, Lovable signed a multiyear agreement with Google Cloud that represented a fivefold increase in usage. The company says the new financing will support further work on infrastructure and security as well as machine learning and product development.
Enterprise adoption has become another focus. Nearly two-thirds of Fortune 500 companies now have employees using Lovable, compared with roughly half six months earlier. Customers named in connection with the platform include Adidas, NVIDIA, Deutsche Telekom, Zendesk and Handshake. Enterprise revenue, however, represents a smaller portion of Lovable's overall business. Forbes reported that about $20 million came from enterprise customers, despite the company's broader annualized revenue reaching hundreds of millions of dollars.
The company plans to use its new capital to deepen enterprise integrations and add more tools around governance and permissions. Lovable is also planning to increase its workforce to roughly 450 employees this year, with hiring concentrated in machine learning, infrastructure, product and security.
The Series C attracted both new and existing investors. Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, Tencent, World Innovation Lab and Regent joined as new backers. Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures and Salesforce Ventures returned for the round.
Lovable was founded by Anton Osika and Fabian Hedin in 2023 and launched publicly in November 2024. Its growth has made the company one of the more prominent businesses built around vibe coding, where AI systems translate natural-language instructions into working software. The company has also started investing in other European startups. Among those investments is Danish company Atech, which is developing software that applies a similar natural-language approach to designing technology hardware.
With the new round, Lovable's valuation has climbed from $6.6 billion to $13.3 billion while the company continues building out the infrastructure and enterprise capabilities behind its AI development platform. Its next phase will center on converting expanding usage into deeper enterprise adoption while continuing to support the growing volume of projects running through the service.
This analysis is based on reporting from TechCrunch.
Image courtesy of Lovable.
This article was generated with AI assistance and reviewed for accuracy and quality.
