Summary: Lovable, the Stockholm-based AI coding platform, is rapidly growing with nearly 8 million users just a year after its founding. CEO Anton Osika shared insights on the company’s impressive user engagement, funding status, and vision to empower both coders and non-coders alike. Despite some market fluctuations and security challenges, Lovable is focused on delivering a secure, intuitive experience while fostering a mission-driven team culture.
Rapid Growth and User Milestones
Lovable, an AI coding platform based in Stockholm, is approaching 8 million users, a significant leap from the 2.3 million active users reported in July. CEO Anton Osika revealed that the company sees around 100,000 new products built on Lovable every day, highlighting the platform’s rapid adoption since its launch nearly a year ago.
Funding and Valuation Rumors
The startup has raised a total of $228 million, including a $200 million funding round this summer that valued it at $1.8 billion. Recent rumors suggest potential new investments at a $5 billion valuation, though Osika stated that Lovable is not currently seeking additional capital and declined to comment on fundraising plans.
User Engagement and Retention
While Lovable reached $100 million in annual recurring revenue (ARR) this June, Osika did not disclose current ARR figures during his recent Web Summit appearance in Lisbon. Some analysts have noted a decline in traffic to AI coding platforms, including Lovable, sparking questions about the sustainability of the coding boom. However, Osika emphasized strong user retention, citing over 100% net dollar retention, indicating that users are spending more over time.
Origins and Vision of Lovable
Lovable originated from GPT Engineer, an open-source tool developed by Osika that gained viral popularity among developers. Recognizing a broader opportunity, Osika shifted focus to empower the 99% of people who don’t know how to code. He described the platform as a reimagining of software development, aiming to make creation accessible to everyone.
Diverse User Base and Use Cases
The platform boasts a wide-ranging user base, with over half of Fortune 500 companies leveraging Lovable to enhance creativity. At the same time, individual users include an 11-year-old in Lisbon who built a Facebook clone for school and a Swedish duo generating $700,000 annually from a startup launched on the platform just seven months ago. Osika attributes the platform’s ease of use to a Swedish design sensibility, with many users simply saying, “It just works.”
Security Focus and Challenges
Security remains a critical focus for Lovable. In response to a recent incident where an app built with AI coding tools leaked sensitive user data, Osika acknowledged the challenges and highlighted the company’s efforts to hire security engineers aggressively. Lovable now performs multiple security checks before deployment, though users building sensitive applications are still advised to engage security experts, similar to traditional software development practices.
Competition and Market Outlook
When asked about competition from AI giants like OpenAI and Anthropic, whose models power Lovable and who have released their own coding agents, Osika expressed a collaborative outlook. He believes the market is large enough for multiple winners and emphasizes the importance of unlocking human creativity and agency. Rather than focusing on rivals, Lovable is dedicated to creating the most intuitive user experience possible.
Company Culture and Leadership
Osika, a former particle physicist and the first employee at AI company Sana Labs, leads a team of over 100 employees, including leadership talent imported from San Francisco to strengthen the Stockholm headquarters. He values a mission-driven team culture that balances dedication with a healthy work-life approach, pushing back against the intense hustle culture often seen in Silicon Valley. Many team members have families and prioritize meaningful work without excessive hours, though startup demands naturally require more commitment than typical jobs.