Lovable determines ARR by taking the prior month’s revenue, multiplying it by 12, and annualizing the result, according to Osika.

The Swedish company, founded in 2023, has experienced rapid growth since launching its AI-powered app-building product in late 2024. Now, Osika is eyeing a larger enterprise customer base.

“If you look at people who have accounts from enterprises, it’s like half [of customers],” he told Fortune. “Most of it is coming from an individual who starts using Lovable and then brings it into the company. And then, in some cases, it’s growing into a larger contract across the entire company and turning into multimillion-dollar deals.”

Osika describes Lovable’s mission as democratizing software engineering by leaning into “vibe-coding,” where a user describes in plain language the app they want to build or the function of a piece of software they want to create, and the AI takes care of actually writing the code to produce that result.

Lovable’s main product is an AI-powered development platform that turns natural-language prompts into full-stack web applications and websites, generating real front-end, back-end, and database code that users can run and edit. The platform runs on a subscription model, where users can opt to pay for more advanced features. The company targets both nontechnical users and developers, and offers a chat-based interface to help users build and deploy apps.

“We’re living through one of those rare moments in time that people are going to talk about for decades, and I think we’re transforming how humanity creates software,” Osika said. “Everyone becomes a developer in the future.”

Many of its users are casual creators, for example, those who use Lovable to quickly build simple tools or prototypes without learning to code. While individual users can generate revenue, the enterprise market is becoming increasingly lucrative as larger companies look to integrate AI tools into workflows. However, it’s also increasingly competitive. Lovable will be going up against major players like Microsoft and Google, as well as fast-growing startups like Anthropic, which is already a favorite among coders.

“We’re building for the nontechnical and the 99%,” Osika said of the competition. “We’re obsessed with being simple, and so far, momentum-wise, that’s working out great for us.”

Lovable’s AI interface

The company is also expanding its product features, in part to become more appealing to enterprises that want to use AI for things like creating their own products or making tools to manage day-to-day operations. Osika says the company is building an AI interface that allows customers to connect, access, and customize various tools.

“What we foresee is that our thesis—which is to simplify all the steps of product development, the entire life cycle, from building it, hosting it, maintaining it, testing it, and doing experimentation—is going to be realized through one simple AI interface, and that’s what we’re building,” he said.

The startup, which is led by the 35-year-old Osika and cofounder Fabian Hedin, is also bringing in senior leadership to help steer this expansion. Over the past few months, the company has hired Maryanne Caughey, former chief people officer at Notion and Gusto, to head up people; Dropbox’s former head of growth and data, Elena Verna, to lead growth; and Meta alum Charles Guillemet to lead recruitment.

“We just brought in these wonderful senior people who are moving to Stockholm with their families—even from the Bay Area—to pair with this very, very high-energy, high-slope talent that we have in the company,” he said. “As we build out, we’re also opening hubs in San Francisco and Boston to serve our customers there.”

A European base

Speaking onstage, Osika also attributed Lovable’s rapid growth to the company’s decision to stay in Europe, despite persistent advice from others in the industry that the company needed a San Francisco base.

“It was tempting, but I really resisted that,” he said. “I can sit here now and say, ‘You can build a global AI company from this country.’ There is more available talent if you have a strong mission and a team that’s working with urgency.”

Lovable has secured more than $225 million in venture capital since its founding. Its most recent raise—a $200 million Series A led by Accel and joined by more than 20 investors—valued the company at $1.8 billion.