Swedish AI startup Lovable says it has surpassed $100mn in annual recurring revenue (ARR) just eight months after launch. This makes it the fastest-ever software company to reach the milestone — eclipsing the historically rapid growth rates of companies such as Cursor and Wiz. 

Lovable’s rise stems from the popularity of its generative AI platform. The system allows non-technical users to build apps or websites based on simple text prompts. 

The platform is the brainchild of Anton Osika, who co-founded Lovable in 2023.

“I decided what we needed to do is build for the 99% who do not create software,” he told TNW in April. 

By allowing non-technical founders to create successful businesses without any prior coding or software experience, Osika believes the company is “unlocking a new economy.” 

Lovable has now reached over 2.3 million active users and seen more than 10 million projects built on its platform. According to the company, more than 100,000 new projects are being created each day. 

Last week, Lovable announced a $200mn Series A round led by Accel, with participation from 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club. The funding valued the startup at $1.8bn and ranks among the largest Series A rounds ever raised by a European company.

Lovable also revealed it is now “fully agentic,” giving the platform the ability to “think through problems, make plans, and proactively take actions like a real developer.” The upgrade enables Lovable to search the web for content, debug code, and edit applications with full context — all without human intervention.

The company has also launched a Business Plan offering “enterprise-grade security, privacy, and control,” which includes features like reusable templates, self-serve SSO, private projects, and data opt-out. Early customers include Klarna, Hubspot, and Photoroom.

“Despite our rapid growth, we are still just beginning to understand what this means for people and businesses around the world,” Osika said in a statement. “AI is unlocking the potential for people to build easily, create new companies at an unprecedented rate, and have a positive impact on the world.”