Menlo Ventures doubles down as Lovable hits $13.3B in eight months

Lovable raised $400 million at a $13.3 billion valuation. The Stockholm-based startup turns plain language prompts into working software.

The price doubled in eight months, and the European Union entered its list of shareholders for the first time.

Brussels writes a check to keep Lovable in Europe

Menlo Ventures and the Scaleup Europe Fund co-led the Series C, Lovable said in a blog post on August 12. Menlo wrote the lead check in Lovable’s previous round in December 2025.

The company raised $330 million at a $6.6 billion valuation, then, with co-lead CapitalG. Alphabet’s venture unit and Nvidia also joined the December round.

Lovable will be the firm’s biggest single investment after Anthropic, partner Matt Murphy said. He called the investment “a testament to how bullish we are on Lovable’s outlook.”

The round attracted new investors, including Balderton Capital, Carmignac, Kaszek Ventures, Tencent, World Innovation Lab, and Regent, while returning backers are Accel, Antler, CapitalG, DST Global, HubSpot Ventures, and Salesforce Ventures.

The Scaleup Europe Fund is an EU investment vehicle managed by Sweden’s EQT asset manager. Lovable is one of the fund’s first disclosed investments out of a pot of about €5 billion. This makes the European Commission a Lovable shareholder.

In Europe, startups tend to scale and then move to the US to raise capital and be listed. EQT partner Victor Englesson said that if firms like Lovable end up backed mostly by US investors, the pull toward relocating or listing in America grows stronger.

He pointed to Nscale, a British company gearing up for a US listing, as the pattern Brussels wants to break. Balderton general partner Daniel Waterhouse has known chief executive Anton Osika since the GPT Engineer project that Lovable grew out of.

Lovable “is evidence that the most important AI companies can be built right here in Europe,” Waterhouse said. Osika has said Europe’s problem is confidence and not talent.

A $500 million run rate meets a crowded field

Lovable hit a $500 million annualized run rate in June. By the end of August, the company is on pace for a run rate near $600 million, close to triple its December number.

Lovable launched in November 2024. People have made 60+ million projects, with co-founder Fabian Hedin saying there are 1.2 million new ones a week and 900 million-plus monthly visits to what people build.

Adidas, Nvidia, and Deutsche Telekom all use Lovable to build internal tools. Lovable’s blog post adds Zendesk, Checkr, and Handshake as users too.

In its first year, the company reached employees at half of the Fortune 500, a number it says is now closer to two-thirds. It signed a multiyear Google Cloud deal in June that increased its usage fivefold.

Replit was valued at $9 billion in March. In June, Musk’s SpaceX agreed to buy rival Cursor for $60 billion. Incumbents selling no-code website tools feel it, too.

Cryptopolitan reported in May that Wix cut about 20% of its workforce as users were lured away by vibe-coding startups.

Zendesk product director Jorge Luthe said that tools like Lovable “can’t provide the level of reliability at scale” his company needs for customer requests.

Osika has pledged to deliver secured code as the default and has pledged to route between whatever AI models are suited to a task rather than lock in to one lab.

The cash is being used to increase headcount, with plans to grow to about 450 staff this year, plus expansion in Latin America and more security work.

This round comes as Nvidia and other backers are pouring money into European tech, a wave Cryptopolitan tracked earlier this year.

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