Lovable surpassed $400 million in annual recurring revenue in February, the Stockholm-based company confirmed to TechCrunch. However, the company declined to say whether it expects ARR to reach $1 billion by the end of the year, saying it is focused on “helping builders scale their impact on our platform.”
Lovable, along with Cursor, Mercor, and others, is part of a wave of tools that make it easier to create websites and apps using natural language, known as vibecoding. While this initially resonated with individuals and startups, the three-year-old company is already hard at work securing enterprise customers, including the likes of Klarna and HubSpot.
Lovable’s debut brand campaign “Earworm,” which began running across social platforms, YouTube, and connected TV this week, continues to appeal to mainstream users. The film is about a woman who can’t get a song by the Swedish band Boko Yout out of her head and ends up opening Lovable and building it into a working app. The creative team behind the campaign actually built the band app that appears in the film, using Lovable itself as a functioning live product. “The purpose of this brand campaign is to inspire the next generation of architects – non-technical people with great ideas that deserve to be realized,” a spokesperson told TechCrunch.
This overarching message is one of the factors that helped Lovable attract nearly 8 million users and become a unicorn less than a year after its launch. But the prospect of securing corporate funding likely played a key role in pushing the company’s valuation to $6.6 billion.
More than half of Fortune 500 companies use Lovable to “power their creativity,” co-founder and CEO Anton Osika declared at Web Summit last November. The company has added a variety of dedicated features, often security-related, to encourage businesses to use the feature for more than just prototyping, and to ensure it doesn’t get canceled over time.
Disclosing ever-increasing ARR numbers is also a way for the company to show that its success is undiminished. The company previously reported ARR of $100 million last July, $200 million last November, and $300 million in January, suggesting that the company’s revenue growth has accelerated in recent months despite the rise of AI coding tools from major AI labs such as Anthropic and OpenAI.
Neither Claude Code nor Codex are vibe coding platforms, and the idea that you can seamlessly create a complete app may be overrated. But both companies’ parent companies may ultimately decide to compete with Lovable, which is built on their model. But Osika shows little concern, and the company’s latest usage metrics provide some support for that confidence.
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The company’s recent user spike was tied to a specific promotion: Lovable’s SheBuilds initiative for International Women’s Day on March 8, when the entire platform was free for one day. “We’ve seen various records set,” the company told TechCrunch. “What we are most proud of is that over 500,000 projects were built or updated on Lovable that day (normal daily average is (approximately) 200,000).”
Also notable is the fact that Lovable achieved $400 million in ARR with just 146 full-time employees, Chief Revenue Officer Ryan Meadows told Business Insider. The company is currently planning to increase its number of employees, and there is room to do so. The recently opened space in Stockholm has room for 300 people, and the company is also hiring in Boston, London, New York, San Francisco, and remote locations.
Even accounting for these 70 open positions, Lovable’s employee-to-sales ratio is likely to continue to significantly exceed industry standards. Research firm Gartner predicts a new wave of unicorns with ARR of $2 million per employee by 2030. At $2.77 million in ARR per employee, Lovable has already surpassed that number.
