Swedish AI-assisted coding startup Lovable has doubled its annual recurring revenue (ARR) to $200 million in just four months, co-founder and CEO Anton Osika announced at the 2025 Slush technology conference in Helsinki, Finland.
The milestone comes shortly after the year-old company surpassed $100 million ARR in July. Osika attributed much of the company’s success to its decision not to relocate to Silicon Valley, despite early advice suggesting a U.S. move was necessary for growth.
“It was tempting, but I really resisted that,” Osika said. “You can build a global AI company from this country. There is more available talent if you have a strong mission, and you have a lot of urgency coming together as a group and working.”
He noted that Europe’s AI market, being slower-paced than Silicon Valley, has allowed Lovable to operate with a strategic advantage. The startup also brought top talent from U.S. companies like Notion and Gusto to work in-person in Stockholm, according to Zhenya Loginov, a partner at Accel.
Lovable has benefited from a vibrant open-source community, which Osika said continues to improve the company’s technology. “They’ve been active voices on Discord for, I think, the last 1,000 hours, debating some kind of WordPress operation. That was powering what we’re doing,” he said.
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The milestone comes as vibe coding tools continue to attract significant venture capital. Last week, AI coding assistant Cursor raised $2.3 billion, valuing the company at $29.3 billion, in a round led by Accel.
Lovable itself has raised more than $225 million since its founding a year ago, including a $200 million Series A round in July, which valued the company at $1.8 billion.
