Lovable raises $400M at $13.3B valuation as Menlo, EQT back Europe’s coding unicorn
Tech Funding News Sofia Chesnokova ● Covered by 8 sources
Lovable just raised $400M at a $13.3B valuation. Big win, but the real test is turning Fortune 500 pilots into paid contracts.
Based on reporting by Tech Funding News, Sofia Chesnokova — read the original for the full story.
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Lovable has pulled in $400 million in fresh funding at a $13.3 billion valuation, with Menlo Ventures leading the round and EQT’s Scaleup Europe Fund co-leading. The Stockholm startup sits in one of the buzziest corners of AI, but the money here is only part of the story. The bigger clue is how quickly it has moved from novelty to infrastructure inside large companies.
Almost two-thirds of the Fortune 500 now have employees using Lovable, up from half just six months ago. That kind of spread matters because this isn’t just a developer tool anymore. Lovable is being used by non-technical staff to turn plain-language prompts into working software, and it has been pushed into enterprise workflows at companies including Adidas, NVIDIA, Deutsche Telekom, Zendesk, and Handshake.
The company’s growth has been unusually fast even by AI startup standards. It launched publicly in November 2024 and said it crossed $100 million in annualised revenue in just eight months, a pace it claims was quicker than OpenAI, Cursor, and Wiz. By February 2026, Lovable said it had reached $400 million in annual recurring revenue. Enterprise revenue, though, was only about $20 million of that total, according to Forbes. That gap is the tension in the story: huge usage, modest enterprise monetisation.
Lovable was founded in 2023 by Anton Osika and Fabian Hedin. Osika, a former CERN physicist, had already founded and sold Depict.ai in Stockholm before teaming up with Hedin. Since then the company has stacked up funding rounds fast: a $200 million Series A, then a $330 million round in December 2025 that pushed its valuation to $6.6 billion. This new round more than doubles that again.
The company is also trying to look less like a toy and more like a platform. It has added payments, SEO and AI search features, integrations with Google Workspace, Microsoft 365, Salesforce, Stripe and ElevenLabs, plus automatic security scanning. The new cash is meant to deepen enterprise integrations, add governance and permissions tools, and keep training open-source models. Lovable plans to hire to about 450 employees this year and keep its main base in Stockholm while expanding in London, Boston, San Francisco and New York.
My take — AI-written commentary, not fact-checked reporting
Lovable is what happens when the market falls in love with usage before revenue catches up. The enterprise numbers are still tiny next to the headline ARR, which is fine until investors start pretending every pilot is a contract. Europe gets to brag about another unicorn; now it gets to do the dull part and sell it properly.
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