The Swedish startup Lovable has rapidly risen in just 8 months, successfully raising $200 million in Series A funding and becoming the latest unicorn in Europe with a valuation of $1.8 billion. Lovable is an AI-powered coding platform that helps users create websites and applications through natural language, simplifying the development process.
The company has achieved significant user growth, with over 2.3 million active users, although most of them are free users. Anton Osika, CEO of Lovable, stated that the company's paying users have exceeded 180,000, with annual recurring revenue reaching $75 million. This impressive growth may be the key reason for the success of this round of financing.
This funding round was led by the renowned venture capital firm Accel, with other investors including 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club. The round also attracted participation from many well-known angel investors, 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 users who use the platform to create prototypes and then collaborate with developers to build more mature applications and websites. Lovable has already created over 10 million projects, and it hopes to help users build production-grade applications suitable for commercial use in the future.
Anton Osika said, "Many excellent entrepreneurs and operators face a common challenge when realizing their vision: lack of developer support." He also mentioned that an edtech company in Brazil used an application developed by Lovable to generate $3 million in revenue within 48 hours, demonstrating the potential and influence of Lovable among enterprise customers.
Lovable's rapid growth and successful fundraising have laid a solid foundation for its future development, and it is worth our continued attention.