Lovable raises $400M from Tencent, valuation hits $13.3B

Stockholm-based vibe-coding platform Lovable has raised $400 million in a Series C round that values the company at $13.3 billion, TechNode reports. The round was led by Menlo Ventures and co-led by EQT's Scale-Up Europe Fund, with new investors including Tencent, Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, World Innovation Lab and Regent. According to figures Lovable itself disclosed, user-created projects have topped 60 million since the platform's November 2024 launch, and monthly visits to apps built with Lovable now exceed 900 million.

A tool for building software without writing a line of code

Lovable is a vibe-coding platform that lets people without programming knowledge build software and business applications using natural language. Within a year of launch, employees at half of the Fortune 500 had tried Lovable; that share has now grown to nearly two-thirds, the company says. Large companies including Adidas, Nvidia and Deutsche Telekom also use Lovable to build internal work tools.

The investment comes eight months after last December's Series B, which raised $330 million at a $660 million valuation — a valuation that has since doubled. Annual recurring revenue (ARR) is expected to approach $600 million by the end of this month, nearly three times the level Lovable disclosed last December. Since Series B, the company has added payment features, SEO and AI-search tools, integrations with Google Workspace, Microsoft 365, Salesforce, Stripe and ElevenLabs, automatic security scanning, and AIUC-1, the first security certification of its kind built for AI agents.

At first it was just a fast prototyping tool, but now it's become the core tool for building the internal products that run our team.

Why Tencent came in

The round broadened Lovable's investor base with new participants by region: Tencent and World Innovation Lab from Asia, Kaszek Ventures and LTS Growth from Latin America, Balderton Capital and Carmignac from Europe, and Regent from the US. Existing backers Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures and Salesforce Ventures also returned. Lovable says it will use the funding to grow headcount to about 450, focusing hiring on machine learning, product, infrastructure and security, while keeping its headquarters in Stockholm and expanding its presence in London, Boston, San Francisco and New York.

Lovable also pointed to real-world use cases. WNTD, a UK fashion discovery app, was built directly by its founder using Lovable, saving tens of thousands of pounds a month in development costs while attracting hundreds of thousands of users, and later raised £3 million in funding. Viver de IA, a Brazilian AI education company, built its CRM, financial tools, website and AI sales-automation system with Lovable, and now serves more than 1,200 client companies. Nursa, a US nursing-workforce platform, built a new product in a single day using Lovable and rolled it out to all of its more than 200 employees, the company said.

Lovable also laid out its future direction alongside the funding announcement. First, it plans to make the product more proactive — anticipating what users need and carrying out tasks without a prompt — while deepening integration with existing sales, operations and marketing systems. Second, it will mine data accumulated by millions of users to identify which choices actually drive revenue or operational improvement, and feed those success patterns back to future users. Third, it aims to keep Stockholm as its hub while growing teams in London, Boston, San Francisco and New York, to get ahead in the race for machine-learning and security talent.

• This round: $400 million, $13.3 billion valuation (Series C, led by Menlo Ventures)
• New investors: Tencent, Balderton Capital, Carmignac, Kaszek Ventures, LTS Growth, World Innovation Lab, Regent
• Cumulative projects: more than 60 million since the November 2024 launch
• Monthly visits: more than 900 million to apps built with Lovable

What it means beyond Sweden

Enterprises worldwide are already leaning on vibe-coding tools like Lovable, Cursor and Replit to move faster from idea to prototype, and Tencent's arrival as a major backer signals how aggressively Lovable intends to expand across Asia. As the platform pushes from prototyping into the kind of internal tools Adidas, Nvidia and Deutsche Telekom already run on it, companies evaluating Lovable for core systems should confirm the new AIUC-1 security certification and governance features actually meet their own compliance bar — and, now that the investor base includes Chinese capital, clarify where data is stored and how models are trained before handing over anything business-critical.