Lovable raises $400m Series C to expand business-software creation
Menlo Ventures and EQT-managed Scaleup Europe Fund lead the round at a $13.3bn valuation, with Balderton Capital among the new backers.
Lovable announced the Series C on August 12. The company plans to expand its product, infrastructure and team as users build both new businesses and internal software on the platform.
Other named backers include Carmignac, Kaszek Ventures, LTS Growth, Tencent, World Innovation Lab, Regent, Accel, Antler, CapitalG, DST Global, Evantic Capital, HubSpot Ventures, Salesforce Ventures.
From creating apps to operating businesses
The next product phase will deepen integrations with companies’ existing tools and strengthen security, reliability, permissions and governance. Lovable also plans more proactive assistance that helps users identify and carry out work.
Hiring will focus on machine learning, product, infrastructure and security, with a target of roughly 450 employees during the year. Stockholm remains the main base as the company expands other offices.
Use of funds
Expand product capabilities, infrastructure, security and the team supporting software creation and business operations.