Lovable has closed a $400 million funding round at a $13.3 billion valuation, led by existing investor Menlo Ventures and the Scaleup Fund, a growth-stage vehicle managed by Swedish investment firm EQT on behalf of the European Union. Balderton Capital joined the company’s cap table as part of the raise.
The round follows two funding events in 2025: a $200 million Series A in June and a $330 million Series B in December that valued the company at $6.6 billion. Existing backers include CapitalG, Salesforce Ventures, NVentures, DST Global, Khosla Ventures, and Creandum.
Lovable, founded in Stockholm in 2024, lets users build apps and websites without coding experience. The company reported $500 million in annualized recurring revenue in June and has been targeting a 65% gross margin by the second half of 2026, according to a pitch deck seen by Sifted late last year.
The Scaleup Fund was established by the EU with a total target of approximately 5 billion euros to back growth-stage companies in strategic sectors including deep tech, digital technologies, clean tech, life sciences, and advanced manufacturing. EQT secured the mandate to manage the fund in May and previously indicated it could include application-layer AI companies. The fund’s first announced investment was in spacetech firm ICEYE earlier this month.
Lovable founder Anton Osika said the most significant aspect of the raise is the accountability it brings, adding that model training, product development, infrastructure, and security will be the company’s key investment priorities going forward.
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