The AI app-building startup is discussing a new round that would double its December 2024 valuation, with Menlo Ventures expected to lead as annualized revenue reached $500 million in June.
Lovable, the Swedish AI app-building startup, is in talks to raise $300 million at a $13.2 billion valuation, a deal that would double the $6.6 billion valuation it reached in December 2024. Menlo Ventures is expected to lead the round, TechCrunch reported. The company said it hit a $500 million annualized revenue run rate in June, underscoring the speed of its growth as demand rises for tools that let users build software with natural-language prompts rather than traditional coding. Customers include Workday, Asana and Nvidia. Lovable has drawn attention for its rapid ascent in the AI software market and for popularizing so-called vibe-coding, where users describe an application and the platform generates working web products. While it is not a crypto company, such tools can also appeal to Web3 teams that need quick frontend development without deep design or app-engineering resources.