Lovable crossed $400 million in annual recurring revenue in February, the Stockholm company confirmed to TechCrunch. But it declined to say whether it is still projecting to reach $1 billion ARR by year’s end, saying its focus is on “helping builders scale their impact with our platform.”
Alongside Cursor, Mercor, and others, Lovable is part of a wave of tools that make it easier to create websites and apps using natural language, a practice known as vibe coding. This initially resonated with individuals and startups, but the three-year-old company has been pushing hard to secure enterprise clients, which already include Klarna, HubSpot, and others.
Lovable’s debut brand campaign, “Earworm,” which began running this week across social platforms, YouTube, and connected TV, still speaks to mainstream users. The film follows a woman who can’t rid herself of a song — performed by Swedish band Boko Yout — until she finally opens Lovable and builds it into a working app. The creative team behind the campaign built the band app that’s featured in the film using Lovable itself as a functional, live product, in fact. “The purpose of this brand campaign is to inspire the next generation of builders — non-technical people with great ideas that deserve to come to life,” a spokesperson told TechCrunch.
That overarching message is one of the factors that have helped Lovable attract some 8 million users and become a unicorn in less than a year after its launch. But the prospect that it could also secure enterprise dollars likely played a key role in boosting its valuation to $6.6 billion.
More than half of Fortune 500 companies are using Lovable to “supercharge creativity,” co-founder and CEO Anton Osika declared at Web Summit last November. The company has added a range of dedicated features — often security-related — to convince businesses to use it for more than prototyping and keep them from canceling over time.
Disclosing ever-increasing ARR numbers is also a way for the company to show its success is not fading. It had previously reported $100 million ARR last July, $200 million last November, and $300 million in January, which suggests that its revenue growth has been accelerating in recent months despite the rise of AI coding tools from major AI labs like Anthropic and OpenAI.
Neither Claude Code nor Codex is a vibe-coding platform, and the notion that they could create full apps as seamlessly may be overrated, but their parent companies may eventually decide to compete with Lovable, which is built atop their models. However, Osika has shown little concern, and the company’s latest usage metrics offer some support for that confidence.
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Its most recent user spike was tied to a specific promotion — Lovable’s SheBuilds initiative for International Women’s Day on March 8, when the whole platform was free for one day. “We saw various records set,” the company told TechCrunch. “One we’re most proud of is that over 500,000 projects were built or updated on Lovable that day (compared to a typical daily average of [approximately] 200,000).”
Also notable is the fact that Lovable achieved $400 million ARR with only 146 full-time employees, as chief revenue officer Ryan Meadows told Business Insider. The company now plans to increase its headcount — and there’s room for it. Its recently inaugurated space in Stockholm has space for 300 people, and the company is also hiring in Boston, London, New York, San Francisco, and remotely.
Even accounting for these 70 open positions, Lovable’s revenue-to-employee ratio will likely remain well above industry norms. Research firm Gartner predicts that a new wave of unicorns will emerge by 2030 with $2 million ARR per employee. At $2.77 million in ARR per employee, Lovable has already surpassed that number.
