Lovable’s latest financing is not just another AI funding round. It is a $400 million vote of confidence that the market for prompt-built software can keep expanding at a pace investors are willing to price aggressively.

The Stockholm-based startup said Wednesday it had raised a Series C at a $13.3 billion valuation, more than twice the $6.6 billion valuation attached to its December round. Menlo Ventures again led the financing, joined by EQT-managed Scaleup Europe Fund and a roster of additional investors.¹

The jump follows a sharp acceleration in Lovable’s commercial claims. Its annual recurring revenue had nearly tripled since December, cofounder and chief executive Anton Osika said, after the company disclosed $400 million in ARR in March — up from $300 million a month earlier and $200 million at the end of 2025. Lovable also said “more than 60 million projects” had been created on its platform since launching in November 2024.¹

A separate account puts the momentum even more starkly: Lovable told TechCrunch it reached a $500 million annualized revenue run rate in June. The company says its 60 million projects draw 900 million monthly visitors, growth that has pushed it to build more of its own infrastructure, including an in-house trained AI model alongside access to frontier models.²

The company’s expansion has also raised the stakes behind the scenes. In June, it signed a multiyear Google Cloud agreement that represented a fivefold increase in usage, according to TechCrunch. The deal illustrates the central tension in Lovable’s ascent: soaring demand makes the case for a premium valuation, while also requiring increasingly costly and sophisticated computing capacity.²

For investors, the wager is that Lovable can turn the frenzy around “vibe coding” into a durable software business. For the company, the new valuation leaves little room for that growth to slow.