Lovable Raises $400M at $13.3B Valuation
31 Aug 2026
Lovable has raised $400 million in a Series C round that values the company at $13.3 billion — roughly double the $6.6 billion valuation it commanded just months earlier. The round marks the first investment participation from the EU's newly mandated Scaleup Fund, a signal that European public capital is increasingly willing to back fast-growing AI startups at scale.
The round
Menlo Ventures, an existing investor, led the Series C. Balderton Capital joined the cap table as a new backer. The round also included continued participation from CapitalG, Salesforce Ventures, NVentures, DST Global, Khosla Ventures and Creandum.
Notably, the EU's Scaleup Fund — a €5 billion vehicle set up at the end of last year and managed by Swedish investment firm EQT since securing the mandate in May — took part in the raise. This is only the fund's second disclosed investment, following its debut backing of spacetech company ICEYE earlier this month.
From $6.6bn to $13.3bn in months
Lovable's funding trajectory has moved fast since the company was founded in 2024:
- June (last year): $200 million Series A
- December (last year): $330 million Series B, valuing the company at $6.6 billion
- June (this year): Lovable reaches $500 million in annual recurring revenue (ARR)
- Recent: $400 million Series C at a $13.3 billion valuation
Founder Anton Osika said the most important part of this raise is "the accountability it brings" — though the report does not specify what concrete terms or expectations accompany that statement.
Why founders should care
The speed and scale of Lovable's fundraising likely signals that investors remain willing to back AI-related startups at high valuations when revenue growth is steep — the company's jump to $500 million ARR appears to have played a significant role in justifying the doubled valuation, though the exact methodology behind the pricing isn't detailed.
The Scaleup Fund's participation may also open a new avenue for European founders: public-backed, EQT-managed capital targeting scale-stage companies could become a more common feature of late-stage European rounds, particularly for startups that might otherwise rely solely on traditional VC or growth equity.
At the same time, the pace of the valuation increase — doubling in a matter of months — could indicate elevated investor expectations that may be difficult to sustain if growth slows. Founders eyeing similarly rapid scaling should weigh whether their own metrics can support comparable multiples, and consider that fast ARR growth alongside large raises often correlates with high burn rates that could complicate future fundraising if market conditions shift.
What's still unclear
The report leaves several open questions: what Lovable's core product actually is and how it generates ARR, what specific accountability measures Osika was referring to, how much of the Scaleup Fund's €5 billion pool is going to Lovable specifically, and how the new $400 million will be deployed. Founders tracking this deal for signal should watch for more detail on these points before drawing firm conclusions about repeatability.
The bigger picture
With a sovereign-backed European fund now making its second bet — both in fast-growing tech companies — there's an early pattern forming around how EU public capital intends to compete for scale-up deals typically dominated by US-based growth investors. Whether that pattern holds, and whether Lovable's valuation proves durable, will be worth watching in the coming quarters.