Lovable's journey to $100m ARR
The fastest growing company in history.
Photo: Anton Osika, Co-Founder and CEO of Lovable. Image Source: Forbes
What’s the letter
Lovable is an AI-powered software development platform that lets anyone build production-grade apps simply by describing what they want in plain language. Instead of writing code line-by-line, users “vibe code”: they outline the idea, and Lovable’s AI does the heavy lifting, from frontend to backend, integrations, and deployment.
The company was founded in Stockholm in December 2023 by Anton Osika and Fabian Hedin. Their vision is to democratise software creation, opening it up to the “other 99%” of people who don’t write code but still need software to run their businesses, projects, and ideas.
In this Tiny Letter we analyse a series of blog posts that have been published on the Company’s website since the beginning of 2025, covering their journey to $100m in ARR and recent $200m Series A Round, one of the largest in European history. The original blogs are linked at the end of this post.
Tiny headline: In just over a year, Lovable has evolved from a scrappy open-source idea into a global platform with millions of active users, billions of lines of code generated, and one of the fastest revenue ramps in SaaS history.
The Q1 2025 numbers
In February 2025, Lovable closed a $15m pre-Series A round, led by Nordic VC Creandum (early backers of Spotify, Klarna, and Depop). The round also brought in Charlie Songhurst, the former Microsoft strategy chief and Meta board member, alongside Thomas Wolf, co-founder of Hugging Face.
At the time of this raise, Lovable was only a few months out of stealth, but it was already reporting $17m in annual recurring revenue (ARR). This figure came from more than 30,000 paying customers, many of whom had no prior coding background.
On top of that, the platform was already supporting 25,000 new projects created every single day, and had seen more than 1.2 million applications built since launch.
Tiny note: Commentators compared Lovable’s momentum to the early Spotify growth curve. What made this even more striking was that Lovable was operating with a lean team of just 15 people, exceptional capital efficiency.
Hitting $100m ARR and Series A
Just five months later, on 17th July 2025, Lovable announced a $200m Series A, raised at a $1.8bn valuation. This was one of the largest Series A rounds ever raised by a European startup.
Days later, on 23rd July 2025, Lovable reported that they had passed $100m in ARR, just 8 months since their first $1m. At this stage, the company reported that users had built more than 10 million projects on Lovable, and were at the time building 100,000 per day.
Tiny analysis: The Series A round was led by Accel, with participation from 20VC, byFounders, Creandum (doubling down from pre-Series A), Hummingbird, and Visionaries Club, alongside a number of high-profile angel investors.
Product developments and roadmap
Lovable’s big recent product leap came with the launch of the Lovable Agent in July 2025. Earlier versions let users “vibe code” by describing apps in natural language, but the Agent now makes Lovable feel more like a virtual developer.
Early data showed error rates dropping by over 90%, turning the platform from a hobbyist tool into something serious founders and enterprises could rely on.
Looking forward: Lovable’s roadmap now focuses on making the Agent more collaborative and enterprise-ready. That means clearer explanations for non-technical users, built-in analytics, one-click deployment, and stronger compliance and security controls.
You can access the blog posts in-full here.
Here ends this Tiny Letter.
A couple of quick disclaimers: A human wrote this Tiny Letter. None of this post constitutes financial advice.