Lovable has closed a $400 million Series C that prices the Stockholm-based coding startup at $13.3 billion, roughly double what investors paid eight months earlier. Menlo Ventures, which also led the company’s prior round, headed the new financing alongside the Scaleup Europe Fund and more than a dozen other backers. The figure that matters more than the headline number is the multiple it implies on Lovable’s own reported revenue.
Eight months earlier, Lovable’s Series B priced the company at $6.6 billion on $330 million raised, with Menlo Ventures leading again and CapitalG serving as co-lead in that December 2025 round. Moving from $6.6 billion to $13.3 billion in eight months is an unusually fast repricing, even in a market where AI valuations move quickly.
TechCrunch put Lovable’s annualized run rate at $500 million in June, a figure the company disclosed directly. Set against the new $13.3 billion price, that works out to roughly 27 times revenue. That multiple holds only if the June run rate keeps compounding rather than leveling off.
TechCrunch cited two adoption metrics behind the growth story: 60 million projects live on the platform and 900 million visits a month. Those numbers describe usage, not retention or paid conversion. A run rate built on free or low-cost activity can compress quickly if it does not convert into renewed subscriptions.
Lovable also retired its model picker in favor of an automated router this week, a change AI Insiders covered separately. Routing model selection away from the user typically lowers the marginal cost of each generation and can pad a reported run rate without a matching gain in paying customers. That is exactly the mechanism a buyer evaluating this valuation should ask Lovable to break down.
Lovable runs an in-house trained model beside options from frontier labs, and in June it struck a multiyear Google Cloud deal that lifts its usage capacity fivefold, per TechCrunch. The company has also started investing in adjacent European startups, including the Danish hardware-focused company Atech, a sign it wants a portfolio around vibe-coding rather than a single product.
TechCrunch flagged its own conflict on this story: Regent, one of the backers in the Series C, also owns TechCrunch. That overlap is worth knowing before taking the coverage at face value.
Any team building on Lovable, or weighing it as a vendor, should track two things over the next two quarters: whether the run rate clears $500 million by a meaningful margin, and whether the router change shows up in Lovable’s own margin rather than only in Menlo’s return math. A 27-times multiple survives only if both do.
TechCrunch, reported by Julie Bort, published this account of Lovable’s round on August 12, 2026.
