Swedish AI Platform Lovable Raises $400 Million at $13.3 Billion Valuation

Swedish AI software creation platform Lovable has completed a €343 million (about $400 million) Series C funding round, valuing the company at €11.4 billion (about $13.3 billion). The round was co-led by US venture capital firm Menlo Ventures and Scaleup Europe Fund, managed by EQT Group. New investors include Balderton Capital and Carmignac from Europe, Kaszek Ventures and LTS Growth from Latin America, Tencent and World Innovation Lab from Asia, and Regent from the United States. Existing investors Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures and Salesforce Ventures also participated.

Founded in 2023 and headquartered in Stockholm, Lovable provides AI tools that enable people without programming knowledge to create websites and applications.

Lovable said its products have been adopted by corporate clients including Adidas, Deutsche Telekom and media company Hearst. Since the platform launched in November 2024, more than 60 million projects have been created, and applications built on it record more than 900 million monthly visits. Within the first year of launch, employees at half of Fortune 500 companies had used the product, a proportion that has since grown to nearly two-thirds. Prior to this round, Lovable completed a funding round in December 2025, raising $300 million at a $6.6 billion valuation.

With the new capital, Lovable plans to expand the platform to support more everyday business operations, use signals from successful products to refine its AI systems, and substantially grow its workforce. The company said its product will become more proactive, shifting from responding to prompts to identifying tasks that need to be handled and helping users execute them. Stockholm will remain the primary hub, with plans to expand in London, Boston, San Francisco and New York. The investment also makes Lovable one of the first companies backed by EQT's Scaleup Europe Fund, which aims to support European technology companies in international expansion.

In the European AI-assisted software development sector in 2026, other funding rounds include: Cloudsmith of Belfast raised €61.5 million in April to expand its software package management and security platform; Undo of Cambridge raised €31 million in June to expand runtime analysis tools for AI-assisted software engineering; and Pit of Stockholm raised €13.6 million in May to develop an "AI product team as a service" model. Together, these three rounds total approximately €106 million.