Lovable, a fast-growing vibe coding startup in Europe, told TechCrunch that it has an annual revenue run rate of over $500 million.
Loveable last mentioned revenue in February, when the company announced that it had more than $400 million in revenue. In August 2024, Loveable said it could reach $1 billion in annual revenue within 12 months. While it may not be on track to double that number by summer, it is still reporting impressive growth. The company was founded at the end of 2023, but has not yet reached its third anniversary.
The company also claims that it has been used to build more than 50 million projects to date, and says usage is accelerating to 1 million new projects per week. Lovable’s users are primarily non-technical, but a growing number of them are building software for monetization and business use, according to a survey of projects run on the company’s blog.
The company says its users are founders, designers, and salespeople who build websites and e-commerce storefronts, as well as internal tools such as CRMs, inventory systems, and HR platforms.
That list tells a story. AI vibecoding platforms have been seen as a threat to traditional SaaS software. Why buy an expensive annual subscription when you can vibecode yourself? Lovable’s research appears to provide data that shows this is actually happening. Of course, Lovable (and thus most projects are built on it) is not old enough to answer the more difficult questions about vibe-coded software. That is, will such an approach turn out to be short-lived? Because it is not the initial construction part that is problematic, but the maintenance part.
The software behaves almost like a living thing. Even well-written and well-designed code that is not AI slop runs on top of a constantly changing stack of dependencies, third-party services, and infrastructure. All of these are constantly being updated, which means that the end-user software is constantly breaking. That’s why many companies choose to buy rather than build. They want others to take responsibility for keeping it running. We’ll have to see if Lovable and other vibe programmers transparently report abandoned projects (i.e., less flattering projects) as the platform matures. If these abandonment rates are low, it is a real sign that the so-called SaaSpocalypse is here and here to stay.
If you buy through links in our articles, we may earn a small commission. This does not affect editorial independence.
