Swedish AI coding startup Lovable raised $400 million in Series C funding at a $13.3 billion valuation, more than doubling its worth from December's $6.6 billion.

Menlo Ventures led the round, with co-leadership from the Europe Scaleup Fund managed by EQT, a new private-public funding vehicle backed by the European Commission.

The Stockholm-based company has emerged as a major player in "vibe coding" — automated processes and AI tools that enable non-programmers to develop applications through simple prompts.

Customer traction accelerates

Apps built with Lovable's technology now attract 900 million visits monthly, according to the company. Major customers include Adidas, Nvidia, and Deutsche Telekom, who use the platform to create new software and replace legacy tools.

Lovable has evolved beyond its initial "turn an idea into software" proposition, adding payment functionality, SEO optimization, AI search tools, and integrations with Google Workspace and Microsoft 365.

The company plans to expand its workforce from 200 to 450 employees and open offices in Boston, San Francisco, New York, and London while maintaining its Stockholm headquarters.

Other new investors included Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, Tencent, World Innovation Lab, and Regent. Returning investors Accel, Antler, Capital G, and Salesforce Ventures also participated.

Lovable's roadmap includes developing more proactive software that better understands customer intentions, improving its data loop for product success optimization, and expanding its U.S. presence across multiple cities.