In the main hall of Slush 2025, Anton Osika, co-founder and CEO of Lovable, announced that the company's annual recurring revenue (ARR) doubled from $100 million to $200 million in just four months, setting a new record for SaaS growth in Europe. This "ambient programming" platform, which was founded in Stockholm a year ago, has raised over $225 million in funding and now has a valuation of $1.8 billion.
Osika attributes the rapid growth to "staying in Europe" – despite early investors' repeated suggestions to move to Silicon Valley, Lovable instead hired key talent from Bay Area companies such as Notion and Gusto to be based in Stockholm. "The slightly slower European market gave us time to deepen our product. Community users on Discord have discussed WordPress operations for over 1,000 hours, directly driving feature iterations," added Zhenya Loginov, a partner at Accel.
Reflecting the recent $2.93 billion valuation of Cursor, the ambient programming sector is becoming a focal point for capital. Osika revealed that Lovable's next goal is to break through $500 million ARR by mid-2026 and establish the "largest AI-native engineering team in Europe," expanding its workforce from 180 to about 400 people this year, with new positions mainly focused on product engineering and customer success.