Vibe-Coding Startup Lovable Raises $400 Million at $13.3 Billion Valuation

Vibe-coding giant Lovable has raised $400 million at a $13.3 billion valuation, led by existing investor Menlo Ventures and the Scaleup Fund — the EU-backed growth fund run by Swedish investment firm EQT, Sifted reported Wednesday. The round roughly doubles the company's valuation from December, when it raised $330 million at $6.6 billion.

Europe's Answer to the Late-Stage Gap

The Scaleup Fund, created from the EU's €5 billion allocation at the end of last year, was set up to address Europe's longstanding lack of late-stage capital for strategic sectors including deep tech and digital technologies. EQT won the mandate to run it in May, and the fund announced its first investment — into spacetech company ICEYE — earlier this month. Lovable, which lets users build apps and websites without writing code, is the fund's second and largest bet so far.

Rounds and Backers

The Stockholm-based startup raised a $200 million Series A in June and a $330 million Series B in December, which valued it at $6.6 billion. Existing backers include CapitalG, Salesforce Ventures, NVentures, DST Global, Khosla Ventures and Creandum, with Balderton Capital joining the cap table in this latest raise.

The raise underscores how generative-AI application layers are absorbing venture dollars while pure model labs consolidate. Sifted had reported last month that Lovable was in talks to raise €300 million at a $13.2 billion valuation; the final terms came in slightly higher, reflecting investor appetite for European AI champions.