Lovable surges toward 8 million users after $200 million funding round
Lovable, the Stockholm-based AI coding platform, is “closing in on 8 million users,” CEO Anton Osika said on Monday during an appearance at the Web Summit event in Lisbon. This marks a substantial jump from the 2.3 million active users the company reported in July. Osika, who founded the company just over a year ago, also stated that users are building “100,000 new products on Lovable every single day.”
This rapid user growth follows a $200 million funding round this summer that valued Lovable at $1.8 billion. Amid rumors of new investor interest at a potential $5 billion valuation, Osika declined to discuss fundraising plans.
However, the CEO did not provide an updated annual recurring revenue (ARR) figure, which the company last announced as $100 million in June. This omission comes as questions have emerged about the sustainability of the “vibe coding” boom. Research from Barclays this summer noted that traffic to Lovable had declined 40% as of September after peaking earlier in the year.
Osika countered concerns of a slowdown by citing strong retention, claiming the company has “more than 100% net dollar retention,” meaning existing customers are spending more over time. He also noted the company has “just passed” the 100-employee mark and is importing leadership talent from San Francisco.
The platform, which originated from Osika’s viral open-source tool GPT Engineer, is now used by more than half of Fortune 500 companies, according to Osika, as well as by individual creators.
When questioned about security—a major issue for the sector following a recent data leak from a “vibe coding” app—Osika acknowledged the problem. “The part of the engineering organization where we’re moving the quickest on hiring is security engineers,” he said. He stated that Lovable now runs multiple security checks before users can deploy an app, but still requires users building sensitive applications, such as for banking, to hire their own security experts.
Regarding competition from AI giants like OpenAI and Anthropic, whose models Lovable uses, Osika said he sees the market as “big enough for multiple winners” and that he is focused on building “the most intuitive experience for humans.”