Lovable in talks to raise funding at $12 billion valuation

Lovable, a Stockholm-based AI tool developer, is in talks to raise funding at a $12 billion valuation, nearly doubling its previous valuation of $6.6 billion. The company crossed $400 million in annual recurring revenue in February and has 8 million users. Enterprise customers account for only $20 million in ARR. Lovable's cofounders became billionaires after a $330 million fundraise in December.