● Covered by 2 sources · 2 reportsMedium impact2 positive
Lovable Secures $400M Series C Funding, Reaching $13.3 Billion Valuation
Key points
- Lovable raised $400 million in Series C funding.
- The company's valuation is now $13.3 billion.
- Menlo Ventures and Scaleup Europe Fund led the round.
- Lovable achieved $500 million in annualized run rate revenue.
- The platform hosts 60 million projects and 900 million monthly visitors.
Funding Details and Valuation
Lovable, a European software creation platform, announced it has secured $400 million in Series C funding. This latest investment round establishes the company's valuation at $13.3 billion.
The Series C round was led by Menlo Ventures and the Scaleup Europe Fund, managed by EQT. Additional investors include Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, Tencent, World Innovation Lab, and Regent. Returning investors include Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, and Salesforce Ventures.
Growth and Revenue Milestones
The new funding follows Lovable reaching a significant financial milestone, achieving $500 million in annualized run rate revenue in June. This marks a period of growth for the company.
Lovable's previous funding round, announced in December, raised $330 million at a $6.6 billion valuation, also led by Menlo Ventures with CapitalG as co-lead.
Platform Expansion and Infrastructure
The platform currently hosts 60 million projects, attracting 900 million monthly visitors. This expansion has led to increased backend infrastructure needs.
In June, Lovable signed a multiyear deal with Google Cloud, which represents a fivefold increase in its usage of cloud services. The company also offers its own in-house trained AI model alongside other frontier model options.
Company Mission
Lovable aims to provide a software creation platform that enables individuals to develop and monetize software applications. The company states its goal is to empower users to solve problems by creating software, transforming ideas into functional applications and businesses.
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How outlets covered it
Lovable, a software creation platform, secured $400 million in Series C funding, led by Menlo Ventures and EQT's Scaleup Europe Fund, bringing its valuation to $13.3 billion. This investment supports Lovable's expansion and development of features for its platform, which enables users to create and monetize software applications.
Lovable, a European startup, confirmed it raised $400 million in Series C funding, bringing its valuation to $13.3 billion. This funding follows the company reaching $500 million in annualized run rate revenue and expanding its infrastructure, including a significant deal with Google Cloud.