Lovable Nears $2 Billion Valuation with New Funding Round

Swedish AI startup Lovable is set to raise over $150 million, pushing its valuation close to $2 billion, according to the Financial Times.

Lovable, a Swedish AI startup, is on the verge of raising more than $150 million in a new funding round, which will bring its valuation close to $2 billion. This development comes just months after the company raised $15 million in a previous round led by Creandum, as reported by the Financial Times according to the Financial Times.

The funding round is led by venture capital group Accel, with participation from existing investors such as 20VC and Creandum. Lovable's rapid growth has attracted significant investor interest, allowing the company to increase both the amount raised and its valuation during the fundraising process.

Founded in 2023, Lovable launched its AI coding product late last year. The tool enables users without technical expertise to create fully functioning apps and websites by leveraging AI models from providers like OpenAI, Anthropic, and Google. The company has quickly gained traction, reaching $75 million in annual recurring revenue within seven months of its product launch.

Lovable's innovative approach to 'vibe coding'—a term coined by former Tesla and OpenAI engineer Andrej Karpathy—has positioned it as a leader in the AI coding space, allowing users to create software with minimal technical input.

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