Lovable on track to raise $150M at $2B valuation
The raise and giant step-up in valuation comes just months after the Swedish startup raised a $15 million round led by Creandum in February. The company described that round to TechCrunch as 'pre-series A,' but with numbers this large, it's safe to say that Lovable has jumped from seed rounds to priced growth rounds, whatever the serial alphabetic label should be. Accel is said to be leading this new raise, with Creandum and others like 20VC participating.
While the company is technically two years old, founded in 2023, it released its web-app building product in late November. In May, Lovable CEO Anton Osika tweeted that Lovable hit $50 million in ARR in six months.
Lovable, like competitors Replit and Bolt, builds entire web apps from an initial text prompt, including a user interface/front end (often via the popular UX coding tool React) and connected to a database like Supabase. Some users say it's affordable, starting at $25 a month for 250 'credits.' One Reddit user documented an app with 29,000+ lines of code and dozens of functions built for $250.
On Monday, Lovable announced that it was releasing a beta version of an AI agent that could automate more tasks like editing code after reading project files or debugging. Lovable will charge on a usage-based model for this: the more the agent is asked to do, the more credits it will charge.
While this may increase fees for users if they turn over their app management to the agent, this pricing model is shaping up to be the default business model for agents. This is because the AI startups themselves have to pay variable fees to model providers like OpenAI or Anthropic. All this to say, such business model strategies would make investors happy.
Accel, 20VC and Lovable did not respond to a request for comment.
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