Fresh Checks: Lovable

A look into the startups that recently raised capital: the rounds, the investors, and why they said yes.

· Nik Alisha Binti Nik Shazwan · Analyst

· 3 min read

What does Lovable do?

Lovable is an AI-powered development platform that turns natural language prompts into real code that translates to full fleshed-out web applications, creating the frontend user interface, backend logic, database structure and authentication.

What made them tick for investors?

Menlo Ventures

Unlocking an Underserved Market

Menlo Ventures emphasises companies that unlock latent markets - those who are capable of redefining people’s capabilities and skillsets. Web creation was once limited to a small fraction of trained coding professionals; Lovable has removed this functional constraint, and now anyone can build a working application using natural language. This exactly defines the firm’s investment thesis.

Outstanding Founding Team

Menlo Ventures has previously led Lovable’s Series B round in December 2025, and have chosen to reinvest primarily due to conviction in the founding duo: Anton Osika and Fabian Hedin, whom both bring deep AI expertise and a track record of building successful companies.

Their relationship with Menlo was also unusually personal and was built over extensive in-person time, rather than a rushed process. This gave Menlo a clear, close-up view of the founders’ execution, consistency and operational discipline. This conviction has since been reinforced following the company’s scale-up, where the founders have proven their capability in delegating and adapting as the company grows by appointing an impressive executive branch drawn from global-leading companies like Slack and Spotify.

EQT’s Scaleup Europe Fund

Redefining an Industry

Lovable is redefining a long-standing industry, effectively flipping the traditional software creation model on its head. Through a ‘vibe coding’ approach, they’ve opened up a discipline once available to only 50 million skilled professionals and extended it to multiple other branches of knowledge workers.

Shared Roots

EQT and Lovable are both based in Stockholm, Sweden. The firm has a stringent belief that Europe is the home of next gen AI, stating that “Europe’s deep technical talent, engineering culture, and strong product tradition are becoming real structural advantages”. Lovable’s massive scale-up is an excellent example that global category leaders aren’t restricted to San Fransisco or Silicon Valley.

Promising, fast-growing market

The market for accessible development and creation tools is large, and Lovable’s success, alongside similar platforms such as Canva for graphic design and Suno for music, proves this. Yet it is just the beginning: each of these companies have grown largely through word of mouth rather than relying on heavy marketing and have already found their way into everyday industry workflows. Lovable has barely scratched the surface of its potential - as its user base grows, so does the data and feedback used to strengthen the product further. This compounding effect signals significant opportunity ahead.