Key Points
- Lovable’s ARR reached $200 million, doubling within four months of hitting $100 million.
- CEO Anton Osika attributes growth to the decision to stay in Europe rather than move to Silicon Valley.
- The company recruited talent from Silicon Valley firms like Notion and Gusto to work in Stockholm.
- An active open‑source community on Discord has helped improve Lovable’s technology.
- Accord’s $200 million Series A round, led by Accel, valued Lovable at $1.8 billion.
- Lovable has raised over $225 million in venture funding since its founding a year ago.
- The European AI market’s slower pace is seen as a strategic advantage for Lovable.
Lovable Doubles ARR to $200 Million
Swedish AI‑assisted coding company Lovable has announced that its annual recurring revenue (ARR) has doubled to $200 million, a milestone reached just four months after the company first crossed the $100 million threshold. The announcement was made by co‑founder and chief executive officer Anton Osika during a presentation at the Slush technology conference.
Staying in Europe as a Strategic Choice
Osika emphasized that Lovable’s decision to stay in Europe, rather than relocate to Silicon Valley, was central to its success. Despite receiving advice that the company would need to move to the United States to thrive, Osika resisted and argued that a global AI enterprise can be built from Europe. He noted that a strong mission and urgency can attract talent, and that the slower‑paced European AI market has worked to the company’s advantage.
Talent Acquisition and Community Support
The firm has attracted engineers from prominent Silicon Valley companies such as Notion and Gusto, bringing them to work in‑person in Stockholm. Accel partner Zhenya Loginov highlighted this “flipping of the script” as a notable aspect of Lovable’s growth strategy. Additionally, Lovable’s open‑source community has played a vital role, with active discussions on Discord helping to refine the technology.
Funding Landscape and Market Context
Lovable has raised more than $225 million in venture capital since its founding a year ago. The most recent financing round was a $200 million Series A led by Accel, which valued the company at $1.8 billion. This fundraising activity occurs amid a broader surge in AI‑coding tools, exemplified by peer company Cursor securing a $2.3 billion round that valued it at $29.3 billion.
Outlook
Osika’s remarks suggest that Lovable will continue to leverage European talent, open‑source contributions, and a measured market pace to sustain its growth trajectory. The company’s recent valuation and funding underscore investor confidence in its European‑centric approach to building a global AI coding platform.
Source: techcrunch.com