Swedish AI Startup Lovable Becomes Europeâs Latest Unicorn
In a remarkable feat, fast-growing Swedish AI vibe coding startup Lovable has achieved unicorn status in Europe. Just eight months after its inception, the startup has secured a staggering $200 million Series A funding round led by Accel, valuing the company at $1.8 billion.
Similar to Cursor and other platforms that leverage large language models to assist developers in coding and app development, Stockholm-based Lovable simplifies the process by allowing users to create websites and apps using natural language. With over 2.3 million active users, the startup has swiftly ascended to new heights in the tech industry.
While Lovable’s services are currently free for users, CEO Anton Osika revealed in a recent interview that the company boasts more than 180,000 paying subscribers. With annual recurring revenues reaching $75 million within seven months, Lovable’s impressive growth trajectory undoubtedly played a role in the substantial Series A funding.
Noteworthy investors, including 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club, participated in the Series A round. Earlier this year, Creandum spearheaded a $15 million pre-series A funding round for Lovable when the company reported $17 million in annual recurring revenue and 30,000 paying customers.
Despite its rapid expansion, Lovable operates with a lean team of just 45 full-time employees. The startup also attracted prominent angel investors in this round, such as Klarna CEO Sebastian Siemiatkowski, Remote CEO Job van der Voort, Slack co-founder Stewart Butterfield, and Hubspot co-founder Dharmesh Shah.
