Swedish AI startup Lovable has officially reached unicorn status after securing a massive €172 million ($200 million) in a Series A funding round led by Accel.
The round, which values the company at €1.65 billion ($1.8B), also saw participation from existing backers 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club.
Rapid growth, strong revenue, and a versatile product
Founded in 2024, Lovable has already built a strong user base with over 2.3 million active users, and it has successfully converted 180,000 of them into paying subscribers. The company claims to have hit $75 million in annual recurring revenue (ARR) in just seven months.
Lovable offers an AI-driven, no-code platform that allows users — from entrepreneurs to designers — to create full-fledged websites and business applications using plain language. While non-technical users can build apps without any coding, developers can also benefit by working up to 20 times faster than traditional methods.
The funding will be used to scale operations and advance the platform from a prototyping tool to a robust solution for building production-ready software. Despite its rapid growth, Lovable currently operates with just 45 full-time employees.
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Major milestones and future plans
Earlier this year, the startup raised €14.29 million in a pre-Series A round led by Creandum. The company has already attracted prominent clients including Klarna and HubSpot. A notable success story includes a Brazilian edtech firm that generated $3 million in revenue in just 48 hours using Lovable’s platform.
With this latest funding, the unicorn plans to further expand its product capabilities and continue democratizing software creation for both tech-savvy users and beginners alike.
