Swedish startup Lovable is in talks to raise $150mn at a valuation just shy of $2bn, the Financial Times reports.
The Stockholm-based business has built a generative AI platform that allows non-technical users to build apps or websites based on simple text prompts.
“I decided what we needed to do is build for the 99% who do not create software,” Anton Osika, Lovable’s co-founder, told TNW in April.
Osika founded Lovable alongside Fabian Hedin in 2023. Last week, Osika said the company had generated $75mn in annual recurring revenue (ARR) within seven months of launching the platform, making it one of Europe’s fastest-growing startups.
By allowing non-technical founders to create successful businesses without any prior coding or software experience, Osika believes the company is “unlocking a new economy.”
If Lovable’s funding round closes as expected, it would mark one of Europe’s biggest funding rounds of 2025 so far — and the latest sign of investor appetite for AI developed on the continent.
It follows Helsing, which builds AI software for defence, raising a hefty €600mn in June, and DeepMind spin-off Isomorphic Labs, which uses AI for drug discovery, securing €508mn in March. And if reports are to be believed, French AI startup Mistral is planning a whopping €1bn raise for later this year.
Lovable’s funding round will be its largest to date by far. The startup previously raised €6.8m in seed funding in October and a $16mn seed round in February, according to Dealroom data.
According to the Financial Times, early Facebook investor Accel is leading the latest round, with existing investors such as 20VC and Creandum also joining in.