Lovable, an AI coding platform based in Stockholm, is nearing 8 million users, a sharp increase from the 2.3 million active users it reported in July, according to CEO Anton Osika.
The company, founded about a year ago, is seeing “100,000 new products built on Lovable every single day.”
Lovable Nears 8 Million Users as AI Coding Platform Sees Rapid Global Growth
These figures reflect rapid growth for the startup, which has raised a total of $228 million in funding so far.
This includes a $200 million round from the summer that valued Lovable at $1.8 billion.
Recent rumors suggest that new investors may be looking to invest at a $5 billion valuation.
Osika stated that Lovable is not short on funds and chose not to comment on any new fundraising plans.
During his talk at the Web Summit in Lisbon, Osika avoided mentioning the company’s current annual recurring revenue (ARR).
Lovable, which offers both free and paid versions, reached $100 million in ARR in June — a milestone it publicly shared.
However, there have been growing doubts about whether the “vibe coding” trend that boosted Lovable’s growth can last.
Barclays and Google Trends Report Decline in Traffic to Lovable and Other AI Coding Platforms
Research from Barclays and Google Trends showed traffic to top services like Lovable and Vercel’s v0 has dropped since earlier this year.
Barclays analysts reported that traffic to Lovable fell by 40% as of September.
They wrote that “this waning traffic begs the question on whether app/site vibecoding has peaked out already or has just had a bit of a lull before interest ramps up.”
Despite the slowdown in traffic, Osika said customer retention is strong, with more than 100% net dollar retention, meaning users are spending more over time.
The company recently surpassed 100 employees and is hiring leaders from San Francisco to strengthen its Stockholm headquarters.
Lovable originated from GPT Engineer, an open-source project created by Osika that went viral among developers.
Osika said he soon realized the larger potential was with the 99% of people who don’t know how to code.
“I woke up a few days after building GPT Engineer and I realized, look, we’re going to reimagine how you build software,” Osika said.
“I biked to my co-founder’s place, and I said, I have this great idea. I woke him up.”
Lovable has drawn a diverse community of users, including more than half of the Fortune 500 companies that use it to “supercharge creativity.”
Osika shared examples of users such as an 11-year-old from Lisbon who built a Facebook clone for his school and a Swedish duo earning $700,000 a year from a startup they launched seven months ago using Lovable.
