Swedish startup Lovable has raised a $200 million Series A round led by Accel, with participation from 20VC, byFounders, Creandum, Hummingbird, Visionaries Club, and several angel investors.

The funding values the company at $1.8 billion, making it one of Europe’s largest Series A investments to date.

Launched just eight months ago, Lovable’s platform allows users to build websites and apps using natural language instead of code.

“Less than 1% of the global population can code. Our mission is to empower the remaining 99%,” the company stated.

Natural Language Coding for the 99%

Like other platforms using large language models for software development, Lovable enables users to describe what they want to build, and the AI generates the code.

The tool is primarily used by non-technical users to create early prototypes, which can later be developed further by professional teams.

According to the company, more than 10 million projects have been created on the platform since launch.

The startup said this funding will allow it to support even more ambitious user projects.

Fast User Growth and $75M in Recurring Revenue

Lovable reports 2.3 million active users, most of whom are on the free plan. However, the company has also reached over 180,000 paying subscribers and $75 million in annual recurring revenue in just seven months.

In February, Lovable raised a $15 million pre-Series A round led by Creandum, reporting at the time 30,000 paying users and $17 million in ARR, with only $2 million spent.

Backed by Tech Industry Veterans

The latest funding round attracted support from a long list of notable angel investors.

These include Klarna CEO Sebastian Siemiatkowski, Remote CEO Job van der Voort, Slack co-founder Stewart Butterfield, and HubSpot co-founder Dharmesh Shah.

Lovable currently operates with 45 full-time employees, a figure nearly equal to the number of individual investors in the round.

The company recently highlighted that a large Brazilian edtech company built an app using Lovable that grossed $3 million in 48 hours.

CEO Anton Osika also mentioned he is now an angel investor in another software startup built on Lovable.

PHOTO: LOVABLE

This article was created with AI assistance.