Stockholm-based Lovable has raised $400 million in Series C funding at a $13.3 billion valuation, the company announced on August 12, 2026, following its Series B in December 2025 (valuation not disclosed in the company’s announcement). Menlo Ventures led the round, with the Scaleup Europe Fund, managed by EQT, co-leading.
The round draws a deliberately global cap table. New investors include Balderton Capital and Carmignac from Europe, Kaszek Ventures and LTS Growth from Latin America, Tencent and World Innovation Lab from Asia, and Regent from the United States. Returning backers Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures also participated.
For EQT, the deal is a flag-planting exercise: Lovable is among the first investments out of the Scaleup Europe Fund, a vehicle built to keep Europe’s fastest-growing technology companies scaling from home soil. Victor Englesson, the fund’s co-head, framed the bet on that basis.
“Anton, Fabian, and the Lovable team have built one of the most ambitious and fastest-growing AI companies we’ve seen,” Englesson said in the company’s announcement, naming co-founders Anton Osika and Fabian Hedin. “They prove that Europe has no shortage of exceptional founders.”
From Prototype Tool to Business Operating Layer
The company has long described itself as a way to turn a typed description into a working application, but the Series C pitch extends that framing: Lovable now wants to be where people run the businesses those apps become. Since its November 2024 launch, users have created more than 60 million projects, and apps built on the platform draw over 900 million visits per month, the company says. Within its first year, Lovable reached employees at half of the Fortune 500; that figure has since grown to nearly two-thirds.
The revenue composition it is chasing is visible in its own survey data: nearly eight in ten users say they are building a business or side project they hope to monetize, and more than a third of those already earn revenue from it. On the enterprise side, the company names Adidas, NVIDIA, and Deutsche Telekom as customers whose teams build internal software on the platform. Recent product work points the same direction: payments functionality, SEO and AI-search tools, deeper integrations with Google Workspace, Microsoft 365, Salesforce, Stripe, and ElevenLabs, and a governance stack that includes scheduled security scanning, publishing controls, and a public trust-center page for apps built on Lovable.
Lovable Is Now Training Its Own Models
One of the less obvious things the $400 million funds is a shift from pure model customer to part-time model builder. In an engineering post published August 11, 2026, the company disclosed that its own post-trained models now handle what it calls a meaningful share of app-building work in production, starting with routing requests, summarizing responses, and writing commit messages, with harder build tasks next.
The architecture around that is what Lovable calls a control plane: an orchestration layer that watches each build as it unfolds and assigns pieces of the work to different models rather than asking one model to carry an entire project. Outside frontier models run through the same system, and the company is explicit that its in-house models have to earn traffic against them in internal build evaluations. Model independence, in its telling, is the product. That stance also limits its exposure to any single model provider, a point worth watching as compute and inference costs scale.
By the Numbers
- $400 million — Series C raised, led by Menlo Ventures and co-led by the Scaleup Europe Fund
- $13.3 billion — post-round valuation
- 60 million+ projects created on the platform since its November 2024 launch
- 900 million+ monthly visits to Lovable-built apps
- ~450 planned headcount by end of 2026, with hiring weighted toward machine learning, product, infrastructure, and security
What Lovable Plans to Do With the Capital
The company lays out three priorities. First, make the product more proactive, with software that identifies what needs attention and carries out work without waiting for a prompt, alongside deeper connections into customers’ existing technology stacks. Second, train the system on outcomes, not just completions: the goal is a feedback loop that learns whether the products people build actually generate revenue or improve a workflow, and uses those patterns to improve the platform. Third, hire, growing to roughly 450 people while keeping its center of gravity in Stockholm and expanding in London, Boston, San Francisco, and New York.
The round also extends a pattern in how the company deploys its balance sheet. Lovable has begun writing checks of its own into the ecosystem forming around it, including an infrastructure partnership with Cerebras announced August 5, 2026. The valuation step-up to $13.3 billion in eight months is what the market is now paying for that trajectory, and Menlo’s decision to deepen its commitment, the company says, reflects conviction that Lovable will be an enduring force in what comes next.
The next observable markers sit in the company’s own plan: the headcount ramp toward 450 and the promised push of its in-house models into harder build work.
