Swedish vibe-coding company Lovable announced a $400m Series C on 12 August at a $13.3bn post-money valuation, taking total funding above $930m.
The step-up
The mark is exactly double the $6.6bn set in December 2025, when the company raised $330m. Eight months separate the two. Menlo Ventures and the EQT-managed Scaleup Europe Fund co-led. New names include Tencent, Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, World Innovation Lab and Regent; Accel, Antler, CapitalG, DST Global, Evantic, HubSpot Ventures and Salesforce Ventures returned.
What the revenue actually says
Lovable puts annualised revenue at about $500m as of June, against roughly $200m at the end of 2025 — close to a 3x move in six months. It projects about $600m by the end of August. That last figure is a forward projection, not a booked number, and none of it is audited.
The consumer-to-enterprise gap
Enterprise revenue is roughly $20m annualised — about 4% of the total. Lovable counts 60m+ projects built since its November 2024 launch and 900m+ monthly visits to apps made with it, and says employees at around two-thirds of the Fortune 500 use it. Named customers include Nvidia, Deutsche Telekom, Adidas and Zendesk. The bulk of the business is still self-serve.
Reading the Tencent line
Tencent's presence has drawn most of the attention, but it is one participant in a long list, not a lead. Chief executive Anton Osika framed the raise around "the product, infrastructure, and team needed to make Lovable the best place to build and run a business" — a stated shift from generating apps to hosting them.
What the price assumes
At $13.3bn on roughly $500m of annualised revenue, the multiple is about 26x — priced on the assumption that growth of this shape continues and that self-serve users convert into enterprise contracts. Neither is yet visible in the disclosed numbers.