Lovable reports $100M revenue surge in one month with a team of 146 employees

Lovable crossed $400 million in annual recurring revenue in February, the Stockholm-based company confirmed. However, it declined to say whether it still expects to reach $1 billion ARR by the end of the year. Instead, the company said its focus remains on “helping builders scale their impact with our platform.”

Along with Cursor, Mercor, and others, Lovable is part of a growing wave of tools designed to make it easier to build websites and apps using natural language, a trend often described as vibe coding. That approach initially gained traction among individuals and startups, but the three-year-old company has also been aggressively pursuing enterprise customers, including Klarna, HubSpot, and others.

Lovable’s first brand campaign, titled “Earworm,” started running this week across social media platforms, YouTube, and connected TV, and still speaks directly to mainstream users. The film centres on a woman who cannot get a song out of her head — performed by the Swedish band Boko Yout — until she eventually opens Lovable and turns the idea into a functioning app. The creative team behind the campaign actually built the band app shown in the film using Lovable itself as a real, working product. “The purpose of this brand campaign is to inspire the next generation of builders — non-technical people with great ideas that deserve to come to life,” a spokesperson said.

That larger message is one of the reasons Lovable has managed to attract around 8 million users and achieve unicorn status in less than a year after launching. But the possibility that it could also win meaningful enterprise spending likely played a major role in lifting its valuation to $6.6 billion.

More than half of Fortune 500 companies are using Lovable to “supercharge creativity,” co-founder and CEO Anton Osika said at Web Summit last November. The company has rolled out a variety of dedicated features — many of them related to security — to persuade businesses to rely on it for more than just prototyping and to reduce the risk of customer churn over time.

Sharing steadily rising ARR figures is also a way for the company to demonstrate that its momentum remains strong. It had previously reported $100 million ARR last July, $200 million last November, and $300 million in January, indicating that its revenue growth has accelerated in recent months despite the growing presence of AI coding tools from major AI labs such as Anthropic and OpenAI.

Neither Claude Code nor Codex is specifically a vibe-coding platform, and the idea that they could build full applications as smoothly may be overstated. Still, their parent companies could eventually decide to compete more directly with Lovable, which is built on top of their models. Still, Osika has shown little sign of concern, and the company’s latest usage data gives some backing to that confidence.

Its most recent spike in users was connected to a specific promotion — Lovable’s SheBuilds initiative for International Women’s Day on March 8, when the entire platform was made free for one day. “We saw various records set,” the company said. “One we’re most proud of is that over 500,000 projects were built or updated on Lovable that day (compared to a typical daily average of [approximately] 200,000).”

Also notable is that Lovable reached $400 million ARR with only 146 full-time employees, as chief revenue officer Ryan Meadows told Business Insider. The company is now preparing to expand its workforce — and it has space to do so. Its newly opened office in Stockholm can accommodate 300 people, and the company is also hiring in Boston, London, New York, San Francisco, and remotely.

Even after accounting for those 70 open roles, Lovable’s revenue-to-employee ratio is still likely to remain far above industry norms. Research firm Gartner has predicted that a new generation of unicorns will emerge by 2030 with $2 million in ARR per employee. At $2.77 million in ARR per employee, Lovable has already moved past that benchmark.