Lovable AI: Europe’s Fastest-Growing Unicorn Helping Non-Coders Build Apps and Websites, Raises $200M Series A at a $1.8B Valuation
In Copenhagen’s Bella Center, Anton Osika, co-founder of the vibe coding app Lovable, delivered an inspiring speech at this year’s TechBBQ conference. The Swedish company has made waves in the AI sector, specifically within the niche of vibe-coding, which allows users to guide AI models in creating code, websites, or entire applications.
Lovable boasts impressive growth figures, surpassing $100 million in Annual Recurring Revenue (ARR) within eight months and securing a $200 million Series A funding round at a valuation of $1.8 billion – making it Europe’s fastest-growing unicorn. Reports suggest that investors are eager to launch a Series B, aiming for deals that would value the company at $4 billion.
Osika envisions Lovable as a comprehensive platform for building software products, helping users and founders navigate all stages of product development to facilitate the creation of AI-native companies more easily. In late June, the company released an agent capable of reading files, debugging errors, web searches, image generation, and file location – marking a significant step towards realizing this vision.
As of now, Lovable boasts over 2.3 million active users, with 180,000 subscribers who pay for the service. Osika attributes the pricing strategy to a simple goal: covering the company’s costs. Noteworthy use cases include a marketer building a sales training platform and an engineer managing multiple small businesses on the platform.
While AI-generated code has been criticized for its brittleness, better suited for demonstrations than finished products, Osika remains unfazed. He stresses the importance of reviewing all code before publication, whether it’s AI or human-generated.
Lovable currently operates on various foundational models, including Anthropic’s Claude and OpenAI’s GPT-5. While these companies offer their own product development services (Claude Code and Codex, respectively), there is potential tension in this relationship. However, Osika remains confident that Lovable’s focus on building the best product, leveraging diverse AI model providers, puts it in a stronger position than its competitors.
The company places emphasis on three key aspects: maintaining speed and security while ensuring an intuitive user experience. By doing so, Osika believes they will earn their customers’ trust more effectively than others.
Comparisons have been drawn between Lovable and Figma, another player in the app design space, following Figma’s blockbuster IPO. However, when asked about Figma, Osika remains focused on creating the best product for his users. The success of Lovable within Europe has sparked optimism among investors and founders alike, signifying a new era for European AI startups and raising the bar for ambitious founders across the continent.
Lovable maintains strong ties to the Swedish tech market. Founded in Stockholm by Osika, the company’s list of investors includes top European firms and angel investors like Stefan Lindeberg (Swedish, Nordic Game Ventures); Fredrik Hjelm (Swedish, founder of Guestit), Greens Ventures (Nordic), Hummingbird Ventures (London); 20VC (London, founded by Harry Stebbings who launched Project Europe to funnel more investments into the ecosystem).
Revolut CEO Nik Storonsky, based in Europe, is an angel investor in the company, as is Swedish founder Sebastian Siemiatkowski, whose company Klarna is also a client of Lovable. Other notable clients include HubSpot and Photoroom. The success of Lovable within Europe has sparked optimism among investors and founders alike, signifying a new era for European AI startups and raising the bar for ambitious founders across the continent.
