Backing Lovable: Move Fast and Make Things

In the few short weeks between meeting founders, Anton and Fabian, and signing a term sheet to invest, Lovable is seeing explosive growth. As I write this, they reached $17 million in ARR, 30,000 paying customers, and 25,000 new apps being built on the platform daily, within just three months of launch — making it the fastest-growing startup in European history.

The last time I kept waking up in the middle of the night thinking about the user love for a product we were in discussions with was in 2007, in the process towards investing in Spotify. Lovable has the potential to become one of Europe’s most important AI companies. The traction now is incredible, but the team’s speed of iteration and insane ambitions to improve is equally convincing.

Lovable is a full stack AI software engineer. Imagine combining a UX designer, product manager, systems architect and backend engineer all in one and you have Lovable. Or imagine you don’t even know what those roles are - it lets anyone turn their ideas into fully functioning websites or apps in minutes with no coding skills required. Simply describe your idea and Lovable will build it and you can then edit or iterate via chat.

AI software development is one of the better proven applications of AI and has already significantly changed how we write code and build products. Lovable differs from others in this space by its focus also on non technical users, as well as those more experienced. Lovable allows the solo entrepreneur to turn their business idea into reality; it allows product designers to skip Figma and go straight to building prototypes, and it can even support sales teams in building product features live with their customers.

Since Lovable launched, more than 1.2m apps have been built and 25,000 new projects are created every day on the platform. We’ve seen everything from CRM systems to e-commerce sites. During our brief process towards investing, our team was able to build a founder portal, a glucose monitor widget and a landing page for hot air balloon rides in South Africa!

What’s especially exciting about Lovable is how it lets people make beautiful products. The phenomenal growth over the last few months comes above all from the *product quality*: people are voting with their feet. Time-to-gratification is ultra short. The learning curve is steep - you get more back for every increment you give. Just take a quick look online to see how much user love there is for Lovable.

The opportunity here is immense. We are on the verge of a paradigm shift where the barriers to building software-based products disappear. Now, anyone can become an entrepreneur, launch a product and build a business in minutes.

The Lovable team

What Anton, Fabian and their small team of 15 have achieved in a few months is extraordinary. They are one of the smartest and hardest working teams that we have come across with deep technical expertise and a truly AI-native mindset. Together, they have built what must be Europe’s fastest growing software business.

Much has been written about how Europe has fallen behind the US and China on AI. Lovable is proof that the talent is here and great AI companies can emerge from Europe and compete globally.