Vibe coding giant Lovable has raised $400m at a $13.3bn valuation, led by existing investor Menlo Ventures and the Scaleup Fund.
The Scaleup Fund, managed by Swedish investment firm EQT, was set up to address Europe’s longstanding lack of late-stage capital.
Last month Sifted reported Lovable was in talks to raise €300m at a $13.2bn valuation, led by Menlo Ventures.
Lovable, a vibe-coding platform that helps users build apps and websites without needing to know how to code, raised two rounds last year: a $200m Series A in June, and a $330m Series B in December, which gave the company a $6.6bn valuation. Other backers include CapitalG, Salesforce Ventures, NVentures, DST Global, Khosla Ventures and Creandum.
Balderton Capital joined Lovable’s cap table in this recent raise.
The Stockholm-based company, which was founded in 2024, hit $500m in ARR (annual recurring revenue) in June. A pitch deck seen by Sifted at the end of last year showed the company targeting a 65% margin by the second half of 2026.
The EU’s €5bn Scaleup was set up at the end of last year to back growth-stage companies working in strategic sectors to bolster European sovereignty. The EU highlighted sectors including deep tech, life sciences, clean tech, advanced manufacturing and digital technologies as those that would fit the remit.
Swedish investment firm EQT secured the mandate to run the fund in May, and the fund announced its first investment, into spacetech ICEYE, earlier this month.
EQT partner Victor Englesson previously told Sifted that the fund’s mandate could include companies working on “application layer” AI — those developing use cases for AI rather than developing the models themselves. Lovable falls within that camp.
Announcing the deal on LinkedIn, Lovable founder Anton Osika says the most important part of this raise is the accountability it brings.
“Model training, product geniuses, infrastructure tinkerers, and security are the priority,” he adds.
