‘It’s still day zero’: Lovable is worth $13.3bn, and the EU just became a shareholder
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Lovable, the Stockholm-based vibe-coding startup, raised $400m at a $13.3bn valuation, more than doubling its worth since December. The round was co-led by Menlo Ventures and the EU's Scaleup Europe Fund, marking one of the fund's first disclosed investments and signaling Brussels' concern about European startups relocating to the US. Revenue is nearing a $600m run rate, nearly triple December's figure, with over 60 million projects built on the platform and clients including Nvidia, Adidas, Zendesk, and Deutsche Telekom. The company plans to grow headcount by 50% to 450 people, expand into Latin America, and add security features after past criticism over the reliability of AI-generated code. Competitors are also surging: Replit hit $9bn in March and SpaceX bought Cursor for $60bn in June.
Table of contents
The European Commission is now a shareholderThe numbers behind the priceThree years, two failed launchesThe customers are the argumentThe part the round does not fixEveryone is coming for thisQuestions this post answers
How much did Lovable raise in its latest funding round and at what valuation?
Lovable raised $400m at a $13.3bn valuation, co-led by Menlo Ventures and the EU's Scaleup Europe Fund. This more than doubled its $6.6bn valuation from eight months earlier, when it raised $300m. The round closed $100m above the $300m at $13.2bn that had been rumored the week before. Founders benchmarking AI coding startup valuations can follow funding rounds like this on daily.dev.
What is the EU Scaleup Europe Fund and why did it invest in Lovable?
The Scaleup Europe Fund is a €5bn EU investment vehicle managed by Swedish asset manager EQT, and Lovable is one of its first disclosed investments. The fund exists because European startups keep relocating headquarters or listing in the US once they grow, and EQT partner Victor Englesson said backing by mostly American investors accelerates that shift. Engineers weighing where AI startups are headquartered can track shifts like this on daily.dev.
What is Lovable's revenue and user growth as of its Series C funding round?
Lovable is on track for a revenue run rate close to $600m, nearly triple its December figure, and was profitable before this round. More than 60 million projects have been built on the platform, with 1.2 million new ones weekly, and Lovable reports over 900 million monthly visits to apps built on it. Developers comparing traction across AI app builders can follow growth metrics like these on daily.dev.