Sweden’s Lovable, an app-building AI platform, rakes in $16M after spectacular growth

Using generative AI to create software has been possibly the largest use case since it first appeared a couple years ago. But platforms like Cursor and Copilot are mostly confined to a world inhabited by trained engineers. Lovable, a Swedish AI startup, reached the front page of both Product Hunt and Hacker News last year after allowing anyone to create apps very easily, just using prompting. It’s now raised $16 million in a pre-Series A round led by Creandum and revealed some impressive growth figures. Lovable enables anyone to build what it calls production-ready software without needing coding knowledge. In addition to building prototypes and websites, it’s GPT Engineer can ship fully functional web apps. It now claims to have 500,000 users who are building over 25,000 new products daily. As a European alternative to U.S.-based AI coding tools, Lovable says it has now reached $17 million in annual recurring revenue (ARR), after scaling to 30,000 paying customers. This would obje ... Read full article.