(Bloomberg) — Swedish coding startup Lovable has raised funding at a $13.3 billion valuation, bringing in fresh capital to compete with larger rivals like Anthropic and Elon Musk’s SpaceX.
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The Stockholm-based company said on Wednesday that it completed a $400 million Series C round led by Menlo Ventures and the Scaleup Europe Fund, a European Union investment vehicle run by EQT AB. Several venture capital firms also participated, along with new investors from Latin America and Asia, including Tencent Holdings Ltd.
Formed in 2023, Lovable is one of the better known “vibe-coding” startups, which provides artificial intelligence tools letting people without programming knowhow build websites and apps. Coding automation has emerged as one of the few generative AI capabilities businesses are willing to spend on regularly.
Anthropic’s Claude Code, an AI coding assistant, has exploded in popularity, forcing rivals like OpenAI and Google to offer similar features. Musk’s SpaceX agreed to buy Lovable’s competitor Cursor for $60 billion in June to complement xAI’s offerings. Cognition AI Inc., which makes an AI coding agent, is in discussions to raise funding at a valuation of $40 billion, Bloomberg News reported this week.
Lovable has emphasized its adoption by corporate customers, which include Adidas AG, Deutsche Telekom AG and media firm Hearst. The startup previously raised money eight months ago, with $300 million in financing for a $6.6 billion valuation.
Its new financing is one of the first disclosed investments from the EU’s €5 billion ($5.8 billion) startup fund.
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