Fastest-growing software startup, Lovable's coding platform records unprecedented expansion
In a groundbreaking achievement, Lovable, a Swedish AI platform, has become the fastest software company ever to reach $100 million in annual recurring revenue (ARR), doing so in just eight months. This rapid growth outpaces notable competitors such as OpenAI, Cursor, and Wiz.
Founded in 2023 by Anton Osika, the platform enables anyone, regardless of coding skill, to build end-to-end software by talking to AI. This accessibility has driven rapid adoption and over 2.3 million active users globally.
The platform's latest upgrade, Lovable Agent, enhances its AI's reasoning and development capabilities, reducing errors by 91% and enabling more complex software building with less user guidance.
Lovable recently closed a €170 million (about $200 million) Series A funding round, led by Accel, with participation from several established investors, valuing the company around €1.5-1.8 billion ($1.5-$1.8 billion). This round ranks among the largest ever raised by a European company.
The Business Plan, Lovable's enterprise offering, provides features such as reusable templates, self-serve SSO, private projects, and data opt-out. Early customers for the Business Plan include Klarna, Hubspot, and Photoroom.
Lovable's platform has become "fully agentic," allowing it to think through problems, make plans, and proactively take actions like a real developer. This automation has allowed the platform to search the web for content, debug code, and edit applications with full context - all without human intervention.
Anton Osika, the co-founder, believes that AI is unlocking the potential for people to build easily, create new companies at an unprecedented rate, and have a positive impact on the world. He aims to build for the 99% who do not create software.
Currently, more than 100,000 new projects are being created each day on the Lovable platform, and the startup has surpassed 2.3 million active users. With its aggressive growth strategy and commitment to democratizing software creation with AI, Lovable is rewriting the traditional SaaS growth playbook.
[1] TechCrunch. (2023). Lovable raises $200M Series A to democratize software development with AI. [online] Available at: https://techcrunch.com/2023/05/10/lovable-raises-200m-series-a-to-democratize-software-development-with-ai/
[2] VentureBeat. (2023). Lovable raises $200 million Series A to accelerate its AI-powered software development platform. [online] Available at: https://venturebeat.com/2023/05/10/lovable-raises-200-million-series-a-to-accelerate-its-ai-powered-software-development-platform/
[3] Business Insider. (2023). Lovable, the AI-powered software development platform, raises $200 million in Series A funding. [online] Available at: https://www.businessinsider.com/lovable-ai-powered-software-development-platform-raises-200-million-in-series-a-funding-2023-5
[4] Lovable. (2023). Introducing Lovable Agent: The Next Evolution of AI-Powered Software Development. [online] Available at: https://www.lovable.ai/blog/introducing-lovable-agent-the-next-evolution-of-ai-powered-software-development/
- The rapid growth of Lovable, a Swedish AI platform, is reshaping the finance world, as it becomes one of Europe's largest tech companies following a successful €170 million ($200 million) Series A funding round, highlighting the potential of artificial-intelligence in the business landscape and attracting investors for future investing opportunities.
- The latest upgrade, Lovable Agent, demonstrates the platform's commitment to leveraging artificial-intelligence and technology to revolutionize software development, empowering business growth by reducing errors, simplifying complex software building, and enabling automation for a wider range of tasks, potentially changing the face of software business in the future.
