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Lovable on Track to Raise $150M at $2B Valuation
Lovable, a Swedish startup specializing in AI-powered web-app building, is reportedly on the cusp of securing a massive $150 million funding round at a staggering $2 billion valuation. This comes mere months after the company’s previous $15 million raise led by Creandum in February.
According to reports from the Financial Times, Accel is set to lead this new funding effort, with existing backers Creandum and others like 20VC participating. It’s worth noting that Lovable has only been around for about two years, having launched its flagship product in November of last year.
Despite its relatively short history, the company has already seen significant traction. In a tweet earlier this year, CEO Anton Osika announced that Lovable had reached $50 million in annual recurring revenue (ARR) just six months after launching its web-app building platform. This rapid growth is likely a key factor in the company’s ability to secure such a substantial funding round.
Lovable’s product has gained popularity among users due to its affordability, starting at $25 per month for 250 “credits.” One Reddit user documented an impressive app built with Lovable, featuring over 29,000 lines of code and numerous functions, all accomplished for just $250.
Source: techcrunch.com
