Swedish startup Lovable reaches $400 million revenue with 146 employees

Thursday 12 - 15:50

By: Dakir Madiha

Swedish startup Lovable reaches $400 million revenue with 146 employees

Swedish software startup Lovable has reached $400 million in annual recurring revenue as of February 2026, marking one of the fastest growth trajectories in the history of software startups. The company added $100 million in recurring revenue in a single month, according to Ryan Meadows, Lovable’s chief commercial officer, in comments to Business Insider.

Founded in late 2024, Lovable has scaled from zero to $400 million in annual recurring revenue in roughly 15 months with a workforce of just 146 employees. The milestone highlights the rapid adoption of its “vibe-coding” platform, which allows users to build software products through AI assisted development tools.

Lovable’s revenue expansion has accelerated throughout the past year. The company reached $100 million in annual recurring revenue in July 2025, doubled that figure to $200 million by November, and surpassed $300 million in January 2026 before climbing to $400 million the following month.

With its current workforce, Lovable generates roughly $2.7 million in annual recurring revenue per employee. According to analysis by Karo Startup, this level of revenue efficiency exceeds that of major technology firms such as Alphabet and Meta.

Meadows said growth continues to accelerate as platform usage expands. The service now records about 200,000 new projects created every day by users.

Lovable is headquartered in Stockholm and was founded by Anton Osika and Fabian Hedin. The company raised $550 million in funding and was valued at $6.6 billion during a Series B investment round in December. The round was led by CapitalG and Menlo Ventures with participation from Khosla Ventures, Salesforce Ventures and Databricks Ventures.

Although many of Lovable’s roughly eight million users are startup founders and non technical entrepreneurs, the company says enterprise adoption is now driving its fastest growth. Chief executive Anton Osika said more than half of Fortune 500 companies are already using the platform.

Major clients include Klarna, HubSpot, Deutsche Telekom, Uber and Zendesk.

Companies report significant gains in development speed. Zendesk said it reduced prototype development time from six weeks to about three hours using the platform. Deutsche Telekom reported cutting product development cycles from several weeks to just a few days.

At Uber, product director Dharmin Parikh said the tool allows teams to move from concept to decision more quickly by reducing friction in the development process.

Lovable’s rise comes amid a broader surge in artificial intelligence powered coding tools. Rival platform Cursor reported annualized revenue of $1 billion by the end of 2025 and has been valued at nearly $30 billion.

Anthropic’s Claude Code has also expanded its presence in the market. Meadows described the relationship as complementary rather than competitive, noting that Lovable’s platform is powered by Claude and is featured in Anthropic’s new marketplace.

Lovable plans to expand its workforce significantly in the coming months. The company expects to increase headcount to about 350 employees by the end of the year. Engineering teams will remain based in Stockholm while a new commercial office will open in Boston to support expansion in the United States.