Hustler Words – Stockholm-based AI coding platform Lovable is rapidly approaching 8 million users, a significant leap from the 2.3 million reported in July, according to CEO Anton Osika. In an exclusive interview, Osika revealed that the company, celebrating its first anniversary, sees "100,000 new products built on Lovable every single day." This surge in activity highlights the platform’s growing popularity, but also raises questions about the sustainability of the AI-assisted coding trend.
The company’s impressive growth is underscored by its $228 million in funding, including a $200 million round this summer that valued Lovable at $1.8 billion. Speculation has emerged regarding potential new investors eyeing a $5 billion valuation, although Osika declined to comment on fundraising plans, stating that the company is not currently facing capital constraints.
While Osika highlighted the company’s user growth at the Web Summit event in Lisbon, he notably omitted Lovable’s current annual recurring revenue (ARR). Having reached $100 million in ARR in June, concerns have arisen about the long-term viability of the "vibe coding" phenomenon.
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Recent research from Barclays, coupled with Google Trends data, indicates a decline in traffic to prominent vibe coding services, including Lovable and Vercel’s v0, after peaking earlier in the year. Barclays analysts reported a 40% decrease in traffic to Lovable as of September, prompting questions about whether the app/site vibe coding trend has already peaked or is simply experiencing a temporary lull.
Despite these concerns, Osika maintains that user retention remains strong, citing a net dollar retention rate exceeding 100%, indicating increased spending over time. He also noted that Lovable has recently surpassed 100 employees and is actively recruiting leadership talent from San Francisco to strengthen its Stockholm headquarters.
Lovable’s origins trace back to GPT Engineer, an open-source tool created by Osika that quickly gained traction among developers. However, Osika recognized a larger opportunity in catering to the vast majority of individuals without coding expertise. "I woke up a few days after building GPT Engineer and I realized, look, we’re going to reimagine how you build software," Osika explained. "I biked to my co-founder’s place, and I said, I have this great idea. I woke him up."
The platform has attracted a diverse user base, with over half of Fortune 500 companies leveraging Lovable to "supercharge creativity," according to Osika. Additionally, he cited examples such as an 11-year-old in Lisbon who built a Facebook clone for his school and a Swedish duo generating $700,000 annually from a startup launched on the platform seven months ago.
Osika attributes Lovable’s success to its intuitive design, stating, "What I hear from people trying Lovable is, ‘It just works,’" crediting what he described as Swedish design sensibility.
Security remains a critical concern for the vibe coding sector. When questioned about a recent incident involving an app built with vibe coding tools that leaked 72,000 images, including GPS data and user IDs, Osika acknowledged the issue.
"The part of the engineering organization where we’re moving the quickest on hiring is security engineers," he stated, emphasizing the company’s commitment to making building with Lovable "more secure than building with just human-written code." Lovable now conducts multiple security checks before users can deploy applications, although users building sensitive applications, such as banking apps, are still advised to consult security experts, as they would with traditional development.
Regarding competition from AI giants like OpenAI and Anthropic, whose models power Lovable but also offer their own coding agents, Osika believes the market is large enough for multiple players. "If we can unlock more human creativity and human agency . . . and just driving the change so that anyone can create if they have good ideas, [and] build businesses on top of that, that should be celebrated, regardless of whoever does that," he said.
Osika emphasized that his current focus is on creating "the most intuitive experience for humans" rather than fixating on competitors. He envisions Lovable as "the last piece of software" – a comprehensive platform where product organizations can manage everything from user understanding to deploying critical features through a single, user-friendly interface.
Osika highlighted the shift from lengthy presentations to rapid prototyping, stating that companies now use Lovable to quickly test ideas with early users before committing significant resources.
Despite the company’s rapid growth and investor attention, Osika remains grounded. He emphasized the importance of a mission-driven team that values work-life balance, pushing back against Silicon Valley’s intense "hustle culture."
"What I care about is that everyone who’s at the company, they’re mission driven, they really care about what they’re doing and how we as a team succeed," he said. "The best people in my team today, most of them, they have kids, and they really, really care about what we’re doing. They’re not working 12 hours, six days a week."
He added, "Although it’s a startup, so they’re probably working more than most jobs."
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