Lovable Raises $400 Mn to Build the AI Platform for Business Software

AI software coding platform Lovable has raised $400 million in a Series C round at a $13.3 billion valuation as it expands from helping users build applications to supporting businesses with software, workflows and operations.

The round was led by Menlo Ventures and co-led by the Scaleup Europe Fund, managed by EQT. 

Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, Tencent, World Innovation Lab and Regent also participated. Existing investors including Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures and Salesforce Ventures returned for the round.

“Lovable has become the place where founders create million-dollar businesses, business leaders spin up new product lines, and people inside companies rewire workflows and build tools that fit their exact needs, typically at a fraction of what software used to cost,” said CEO Anton Osika in a LinkedIn post.

Lovable said users have created more than 60 million projects since its launch in November 2024. Applications built on the platform now receive more than 900 million visits each month. The company said its tools reached employees at nearly two-thirds of Fortune 500 companies, up from half within its first year.

The company is also seeing users build businesses rather than simply prototype software. According to Lovable, nearly eight in 10 users are building a business or side project they hope to monetise, while more than one-third are already generating revenue from those projects.

Lovable has added payment functionality, SEO and AI-search tools, integrations with Google Workspace, Microsoft 365, Salesforce, Stripe and ElevenLabs, as well as automated security scanning and governance features. It has also received AIUC-1 certification, which it describes as a security standard for AI agents.

The company is positioning the platform as a way for employees who understand a business problem to build the software needed to address it without relying entirely on engineering teams.

“Instead of adding another tool to our marketing stack, our teams can quickly create whatever they need to solve problems,” said Veronika Zatulovskaya, VP of Marketing at Handshake.

At Checkr, Lovable says teams have built internal tools and used the platform to improve operational workflows. Its operations team used Lovable to address a QA workflow issue and increased the number of reports it could process by 10 times, according to Luca Bonmassar, CTO of Checkr.

Lovable plans to use the new funding to expand its product, infrastructure and team. It expects to grow to roughly 450 employees this year, with hiring focused on machine learning, product, infrastructure and security. The company will retain Stockholm as its centre while expanding in London, Boston, San Francisco and New York.

The company also plans to make its platform more proactive. Rather than waiting for users to issue instructions, Lovable wants its system to understand what users are trying to achieve, identify tasks that need attention and increasingly carry out work itself.

It wants to use data from the products built on its platform to improve how its system evaluates successful outcomes and try to understand not only if software works, but whether it generates revenue, improves workflows or helps businesses grow.

The platform will continue using multiple AI models rather than relying on a single model. Lovable said it will match different parts of a task with the model best suited to handle them and will continue post-training open-source models.

Menlo Ventures partner Matt Murphy said Lovable is targeting people who have the knowledge and ideas to build products but have historically been constrained by technical skills.

“From the very start, Lovable was built for the billions of people with the creativity and knowledge to make something, but who had always been blocked by technical ability,” Murphy said.

The latest funding round gives Lovable more capital to compete in a growing market around AI-assisted software development while pushing the company further into business operations and software creation.