Lovable Raises $300 Million in 8 Months, AI Coding Platform Becomes Unicorn

Swedish startup Lovable has achieved unicorn status in just eight months, raising $200 million in Series A funding and reaching a valuation of $1.8 billion. Lovable is an AI-powered coding platform designed to simplify the website and application development process by allowing users to create them through natural language commands. This remarkable achievement comes on the heels of significant user growth, with over 2.3 million active users, though the majority are on free plans. Lovable's CEO, Anton Osika, reported that the company has surpassed 180,000 paying users, generating an annual recurring revenue of $75 million. This strong financial performance is likely a key factor behind the successful fundraising. The round was led by renowned venture capital firm Accel, with contributions from other investors such as 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club. Notably, several prominent angel investors also joined the round, including Sebastian Siemiatkowski (CEO of Klarna), Job van der Voort (CEO of Remote), Stewart Butterfield (co-founder of Slack), and Dharmesh Shah (co-founder of HubSpot). A significant portion of Lovable's user base consists of non-technical individuals who leverage the platform to create prototypes. These users can then collaborate with developers to refine their applications and websites. To date, Lovable has facilitated the creation of over 10 million projects. The company aims to further assist users in building production-ready applications suitable for commercial use. Anton Osika highlighted a common challenge many entrepreneurs and operators face: a lack of developer support. He cited a Brazilian edtech company that used Lovable to develop an application, which generated $3 million in revenue within 48 hours. This example underscores Lovable's potential and impact among enterprise clients. The rapid growth and substantial funding position Lovable well for future expansion and innovation. As it continues to attract both individual and business users, the company's progress is worth keeping an eye on.