Lovable raises $400m backed by EU’s Scaleup Fund
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Lovable just raised $400m at a $13.3bn valuation, led by Menlo Ventures and the EU-backed Scaleup Fund. It’s a big bet on “vibe coding” and on Europe finally finding late-stage money.
Based on reporting by Sifted — read the original for the full story.
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Lovable has pulled in $400m at a $13.3bn valuation, with existing investor Menlo Ventures and the EU’s Scaleup Fund leading the round. For a company founded only in 2024, that is a brutally fast rise even by AI standards.
The Stockholm-based startup makes a vibe-coding platform that lets people build apps and websites without writing code. It had already raised big: a $200m Series A in June and a $330m Series B in December, which valued it at $6.6bn. Since then, the numbers have only gone up. Lovable hit $500m in annual recurring revenue in June.
This raise also says something about where European capital is coming from, and where it has to come from. The Scaleup Fund, run by Swedish investment firm EQT, was created to help fix Europe’s chronic shortage of late-stage funding. The EU set it up at the end of last year with a €5bn mandate aimed at strategic sectors, and EQT secured the job in May. Its first investment was spacetech company ICEYE earlier this month.
And Lovable fits the fund’s brief neatly enough. EQT partner Victor Englesson had already said the mandate could extend to “application layer” AI, meaning companies building products on top of AI rather than the models themselves. Lovable is exactly that. On LinkedIn, founder Anton Osika said the main value of the raise is accountability. The money is huge, but the message is simple: now comes the pressure to keep shipping. Meanwhile, the company’s backer list keeps growing — CapitalG, Salesforce Ventures, NVentures, DST Global, Khosla Ventures and Creandum are already in, and Balderton Capital joined this round too.
My take — AI-written commentary, not fact-checked reporting
Europe keeps saying it wants sovereignty, then has to borrow the muscle from late-stage funds and American names to get there. That’s not a plan so much as a confession. The upside is obvious: if the EU wants serious companies, it has to fund them before they get sold on the idea of easier money elsewhere.
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