AI no-code software gets a fresh growth cheque
Teams that want to ship internal tools and customer-facing apps without adding headcount are increasingly paying for AI-assisted no-code platforms that compress build cycles and reduce reliance on scarce developer time. Sweden-based Lovable is positioning itself squarely in that workflow, and investors are rewarding the traction.
Lovable has raised EUR 313.5 million (reported as USD 330 million) in a Series B round led by CapitalG and Menlo Ventures, the company announced recently. The syndicate is unusually deep for a no-code vendor, spanning both traditional VCs and corporate venture arms: NVentures, Salesforce Ventures, Databricks Ventures, T.Capital, Atlassian Ventures, HubSpot Ventures, Khosla Ventures, DST Global, EQT Growth, Kinship Ventures and Accel.
Why this round matters: enterprise distribution, not just capital
This is a with-trend financing, but the composition of the investor group is the tell. Corporate venture participation from cloud, data and SaaS ecosystems signals a thesis that AI-assisted building is becoming a mainstream enterprise workflow rather than a fringe “maker tool.” For Lovable, that matters because:
- Enterprise buying requires trust and integration depth. Corporate VCs tend to back products they see pulling through into their own customer bases and partner channels. If Lovable can embed into existing stacks, switching costs rise via templates, integrations and governance.
- Platform adjacency can create distribution. Salesforce, Atlassian, HubSpot and Databricks sit close to the operational systems where teams want to automate workflows and build lightweight apps. Even without formal partnerships disclosed, these ecosystems shape where budgets and implementation attention go.
Traction narrative: fast-growing usage and ARR (company-reported)
Lovable has highlighted unusually rapid growth metrics. The company reports it reached USD 100 million ARR in eight months, then USD 200 million ARR four months later. It also cites 25+ million projects created in its first year and 100,000+ new projects per day.
Those are company-provided figures, but they help explain why investors were willing to commit a large Series B only months after the prior round.
Lovable also points to usage across customer sizes: individual founders and first-time builders, mid-market teams, and large enterprises, with examples including Klarna, Uber and Zendesk, plus a reference to a “world’s largest healthcare organization.” The breadth matters commercially because it suggests the product can land bottom-up, then expand into departmental and enterprise deployments where governance, security controls and admin tooling become monetisation levers.
Rapid back-to-back rounds signal a land-grab phase
According to the reported timeline, Lovable completed a USD 200 million Series A in July 2025 at a USD 1.8 billion valuation, followed by this USD 330 million Series B round a few months later at a reported USD 6.6 billion valuation.
The speed and step-up imply the category is in a land-grab cycle where the winners will be decided by:
- Retention through implementation depth: templates, reusable components, and integration with identity, data and ticketing systems.
- Expansion dynamics: converting high-velocity project creation into paid seats, higher tiers, and enterprise contracts.
- Governance as a differentiator: auditability, permissioning and policy controls that make IT comfortable with business-led building.
Likely focus areas for the new capital (inference)
Lovable has not detailed a specific spend plan in the source announcement. Based on the size of the raise and the enterprise-heavy investor mix, likely focus areas include (inference):
- Enterprise go-to-market buildout across sales, solutions engineering and customer success to support longer sales cycles and larger deployments.
- Product hardening for regulated customers, including security, compliance workflows and admin controls.
- Ecosystem and partnerships to drive integration-led adoption inside major SaaS and data stacks.
What this enables
- Faster scaling of enterprise sales and implementation capacity
- Deeper product investment in governance, integrations and admin tooling
- More credible positioning as a standard workflow layer for AI-assisted app building
What to watch
- Whether Lovable can convert high project volume into durable, multi-year enterprise contracts
- Signs of channel pull-through from the corporate venture ecosystems in the cap table
- Product constraints that typically appear at scale: governance, data access controls and operational reliability
- Competitive pressure from incumbent low-code platforms and AI-native builders as the category consolidates