Lovable, a Swedish AI startup that’s been quietly building one of the fastest-growing no-code platforms out there, just closed a massive $330 million Series B round at a $6.6 billion valuation. The round was co-led by Google’s CapitalG and Menlo Ventures’ Anthology fund, with a who’s who of strategic and venture investors joining in—Salesforce Ventures, Databricks Ventures, Atlassian Ventures, HubSpot Ventures, Khosla Ventures, DST Global, EQT Growth, Kinship Ventures, Accel, Creandum, and Evantic.
That’s a lot of heavyweight backers for a company that’s essentially trying to turn anyone into a software builder, regardless of whether they know how to code. And based on the traction they’re seeing, it looks like they might actually be pulling it off.
Turning Non-Coders Into Builders
Lovable’s pitch is straightforward: let product managers, marketers, and other “builders” create production-grade software without writing a single line of code. The platform uses AI-driven interfaces that let users describe what they want to build, and the system generates the actual working software. It’s not prototyping or mockups—Lovable is positioning itself as a tool for creating real, deployable applications.
The numbers back up the hype. Lovable says more than 25 million projects have been created on its platform in just the past year. That’s a staggering amount of activity, especially for a company that was relatively under the radar until recently. Enterprise customers are already on board too, with names like Klarna and Deutsche Telekom using Lovable to speed up their development cycles.
In industries where getting software built quickly can be the difference between capturing market share or watching a competitor do it first, shaving weeks or months off development timelines is genuinely valuable. Traditional software development is slow, expensive, and requires specialized skills that are in short supply. If Lovable can deliver on its promise to let non-technical people build real applications, it’s addressing a massive pain point.
Why Investors Are Betting Big
A $6.6 billion valuation for a Series B company isn’t normal, even in today’s AI-fueled funding environment. That valuation suggests investors believe Lovable has figured out something that’s been elusive in the no-code space: making tools that are powerful enough for serious use cases but simple enough that non-developers can actually use them effectively.
Google’s CapitalG leading the round is particularly notable. Google doesn’t just throw money at startups for the hell of it—they typically invest in companies that align with their broader strategic interests. Backing Lovable signals that Google sees AI-powered software creation as a critical piece of the future tech landscape.
The participation from companies like Salesforce, Databricks, and Atlassian—all of whom build tools for developers and business users—also suggests they see Lovable as complementary to their ecosystems rather than a direct threat. That’s the kind of validation that matters when you’re trying to convince enterprises to adopt your platform.
No-Code Meets Enterprise Reality
The no-code and low-code space has been around for years, but most platforms have struggled to bridge the gap between toy projects and production-ready applications. Enterprise IT teams have been skeptical of no-code tools because they often lack the security, scalability, and integration capabilities that real businesses need.
Lovable seems to be positioning itself differently by focusing on “production-grade” software from the start. The fact that companies like Klarna—a fintech dealing with sensitive financial data and regulatory requirements—are using it suggests Lovable has solved some of those enterprise concerns that have plagued earlier no-code platforms.
The $330 million in fresh funding will go toward scaling the platform and meeting what Lovable describes as “surging demand” for no-code AI solutions in both consumer and corporate settings. That’s a lot of capital to deploy, which probably means they’re planning aggressive expansion, both in terms of product capabilities and geographic reach.
What This Means for Software Development
If Lovable delivers on its vision, it could fundamentally change who gets to build software. Right now, if you have an idea for an application, you either need to learn to code, hire expensive developers, or settle for cobbling together existing tools that don’t quite do what you need. Lovable is betting that AI can eliminate those constraints, turning software creation into something more like writing a detailed brief than engineering a complex system.
Whether that vision fully materializes is still an open question. AI code generation has improved dramatically, but it still struggles with complex logic, edge cases, and maintaining large codebases over time. The difference between generating a working prototype and building something that can scale to millions of users is enormous.
But with a $6.6 billion valuation and backing from some of the smartest investors in tech, Lovable has the resources and credibility to find out if AI-powered no-code development is ready for prime time. For the 25 million projects already built on the platform, it seems like they’re at least part of the way there.