European AI startup Lovable has raised $330 million in a Series B financing round, bringing its valuation to $6.6 billion. Google led the round, with additional backing from Nvidia, HubSpot, and Deutsche Telekom.Lovable, which allows users to build web applications through simple text prompts, has quickly become one of the fastest-growing startups in the world. The company says its Sweden-based team of 120 employees hit $100 million in annual recurring revenue just eight months after reaching its first million. This follows a massive summer for the company, where it secured one of the largest European Series A rounds on record - raising $200 million at a $1.8 billion valuation.
Lovable calls its mission the "Age of the Builder" - a time when people without coding experience, such as teachers, marketers, or founders, can turn their ideas into working software on their own. Despite its rapid growth, Lovable still trails market leaders like ChatGPT in total user numbers. The space is also becoming increasingly competitive: US rival Cursor recently raised $2.3 billion, highlighting both the intense competition in AI-assisted software development, but also the difference in investment volume.
