The Stockholm-based AI startup is now valued at $6.6 billion in spite of being plagued by technical issues.

Lovable, an AI-powered coding platform founded in Sweden, has achieved extraordinary growth, propelling its two founders into the ranks of the world’s billionaires.

After a new investment round that recently lifted the company’s valuation to $6.6 billion, Lovable’s co-founders—Anton Osika (35) and Fabian Hedin (26)—each now hold stakes worth about $1.6 billion, according to Forbes estimates. 

Hedin’s wealth milestone places him among the youngest self-made billionaires in Europe and one of only a dozen under the age of 30 globally.

Text prompts instead of coding knowledge

Founded in 2023 in Stockholm, Lovable developed an AI-powered platform that lets users build websites and applications using simple text prompts, a concept the company markets as “vibe coding.”

The idea originated when Osika’s personal AI coding project surged to the top of GitHub’s trending charts, prompting him to bring in Hedin as co-founder and CTO and secure early funding, including an $8 million seed round from Hummingbird in late 2023.

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The company publicly launched its vibe-coding tool in November 2024 and quickly attracted a large user base.

Lovable’s adoption and revenue growth have been extraordinary. By mid-2025, the platform had reported 8 million active users and was booking around $1 million per day in subscription revenue, more than tripling its active base in a matter of months. In its first eight months, the company hit $100 million in annualized subscription revenue, setting a record as the fastest-growing software startup in history.

The $330 million funding round that boosted the valuation was led by CapitalG and Menlo Ventures, with participation from firms such as Khosla Ventures, Accel and EQT, bringing Lovable’s total capital raised to roughly $550 million.

Both Osika and Hedin have pledged to donate 50% of their proceeds from any future exit to charity, with a stated focus on ensuring that the broader societal transition to super-intelligent AI remains beneficial for humanity.

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Some reporting suggests other European entrepreneurs, for example Arvid Lunnemark, a Swedish AI founder involved with the AI tool Cursor, also reached billionaire status around age 26 in late 2025. 

Lovable’s ascent reflects the broader surge in AI-assisted software development tools, with competition from startups like Cursor and established platforms such as Replit, as well as major tech companies like Google introducing similar coding assistance features.

Technical issues

Although Lovable does a tremendous job in coding, and excellent understanding in most existing languages, some users complain on forums that at times it skips tasks, misplaces design and needs repeated prompts while wasting credits for undone work.

Some users note that simple tasks like authentication or DNS configuration can fail repeatedly, with little feedback on why. 

Others feel that Lovable’s credit and billing model lacks transparency, with credits draining quickly and users unable to see detailed usage breakdowns. 

Projects may become also difficult to maintain or scale as complexity grows, with unexpected breaks when introducing new features.

Security researchers have publicly flagged vulnerabilities in some Lovable-generated apps, where poorly configured database access enabled unauthorized data exposure.