Lovable is the latest startup to cash in on investor enthusiasm for AI coding, raising $400 million at a $13.3 billion valuation.

Menlo Ventures led the round alongside the EQT-managed Scaleup Europe Fund, which more than doubled Stockholm-based Lovable's valuation in seven months.

Anton Osika, the CEO and cofounder of Lovable, wrote in a Wednesday LinkedIn post that business leaders are using its software to "spin up new product lines," while workers are using it to "build tools that fit their exact needs."

Lovable's raise is the latest big deal in the AI coding space, which has become one of the first major commercial use cases for artificial intelligence. SpaceX agreed in June to buy Cursor for $60 billion, while app-building platform Emergent raised $130 million at a $1.5 billion valuation in July.

Lovable previously raised $330 million at a $6.6 billion valuation in December. It disclosed in March that it had reached $400 million in annual recurring revenue, up from $300 million a month earlier and $200 million at the end of 2025. Osika said its ARR has nearly tripled since December.

In a blog post on Wednesday, Lovable, which helps users build software through natural-language prompts, said more than 60 million projects have been created on its platform since its launch in November 2024.

Osika said the company will use the funding to turn Lovable into a platform for running, rather than simply building, a business.

"The world is full of ambitious people with deep knowledge of problems worth solving. Very few of them have historically had the power to act on them," Osika wrote. "Our ambition is to give people that power, and then help them achieve more than they thought possible."

The funding places Lovable among Europe's most valuable private AI companies.

It's now just below French AI model-maker Mistral's roughly $14 billion valuation, but ahead of AI coding rival Replit, which was valued at $9 billion in March.

The gap between Europe's best-funded AI startups and the biggest US model makers, however, remains vast. Anthropic was recently valued at $1.2 trillion on secondary markets, while OpenAI was valued at about $933 billion, according to Caplight data reported by Business Insider.

Those figures reflect private-share trades rather than priced funding rounds.