Lovable is owned mainly by the two Swedes who started it. In December 2025, Forbes estimated that Anton Osika and Fabian Hedin held about 24% each. The rest belongs to dozens of funds and angels, to staff with share options and, since the Series C, to a fund backed by the European Commission.
The paperwork tells a less Swedish story. The company that raises its money, Lovable Labs Inc, is a Delaware corporation. Its four filings with the US Securities and Exchange Commission report $1.02 billion of securities sold. One round was announced at $330 million, yet the filing says $425 million.
Lovable sits in a series on who owns Europe’s AI champions as a Swedish company whose raising entity is a Delaware corporation.
Who Owns Lovable?
Its two founders own about half of it, and outside investors and staff the rest. By our estimate, Osika and Hedin hold roughly 23% each after the latest round. Investors in the Series A, B and C own about 19% between them. The last third or so belongs to early backers and staff, and that split is not public.
Lovable has not published a cap table, and as a private Delaware company it does not have to. So our estimate combines the Forbes figures with the size and valuation of each round. We explain the method at the end.
Who Sits on Lovable’s board?
Four people, two of them the founders. The latest Form D, signed by Osika on August 17 2026, lists Osika, Hedin, Ben Fletcher of Accel and Matt Murphy of Menlo Ventures as directors. Accel led the Series A. Menlo co-led the Series B and then co-led the Series C. However, CapitalG, Alphabet’s growth fund, co-led the Series B and has no director on that list.
How Much of Lovable Do Anton Osika and Fabian Hedin Own?
About 23% each, if the Forbes estimate still holds. Forbes put each founder at 24% after the $6.6 billion Series B, which made both billionaires. The Series C then diluted every holder by about 3%. At $13.3 billion, a 23% stake is worth about $3.1 billion on paper.
Osika is the chief executive. Before Lovable, he worked on the ATLAS experiment at CERN and co-founded Depict.ai. In 2023 he released GPT Engineer, an open-source tool that wrote code from plain-English instructions. Lovable grew out of it, with Hedin as the technical co-founder. Both plan to give half of what they make from an exit to charity.
As far as public filings show, they have cashed in only a sliver. On August 20 2026 Swedish site Breakit reported that each founder’s holding company booked about SEK 100 million in gains for 2025. The filings do not name the company sold, but Breakit believes the shares were Lovable’s.
Who Has Invested in Lovable, Round by Round
Dozens of funds, companies and angels have backed Lovable since 2024. The table sets each announced round beside what Lovable Labs Inc reported to the SEC on Form D.
| Round | Announced | Form D: sold | Investors in filing | Valuation | Led by |
|---|---|---|---|---|---|
| Pre-Series A | Feb 2025, $15m | $20.2m | 36 | Not disclosed | Creandum |
| Series A | Jul 2025, $200m | $192.7m | 40 | $1.8bn | Accel |
| Series B | Dec 2025, $330m | $425.0m | 34 | $6.6bn | CapitalG, Menlo Ventures |
| Series C | Aug 2026, $400m | $382.5m so far | 27 | $13.3bn | Menlo Ventures, Scaleup Europe Fund |
Accel’s Series A came with Creandum, 20VC, byFounders, Hummingbird and Visionaries Club. Angels also included Klarna’s Sebastian Siemiatkowski and Slack co-founder Stewart Butterfield.
The Series B brought in NVIDIA’s NVentures, Salesforce Ventures, Databricks Ventures, Deutsche Telekom’s T.Capital, Atlassian Ventures, HubSpot Ventures, Khosla Ventures, DST Global and EQT Growth. Then the Series C added Balderton Capital, Tencent and Regent, among others.
Why Does the Series B Filing Say $425 Million?
Partly because of converted SAFEs; the rest has no public explanation. Lovable announced $330 million on 18 December 2025. Four days later, its Form D reported $425,014,960 sold to 34 investors, with the first sale on 11 December. The filing counts $9.6 million of converted SAFEs in the offering, which leaves about $85 million that no public statement explains. A Form D covers securities the company itself sells, so share sales between existing holders would not show up there. We found no public report of an extension or a second close. Lovable, its lawyers at Cooley and Menlo Ventures all describe a $330 million round, Menlo as recently as August 2026.
Altogether, the four filings add up to $1,020,412,560. Their offering totals include $23.1 million of SAFEs, investment contracts that turn into shares at a later priced round, which converted along the way.
Is Lovable Swedish or American?
Both. It is run from Stockholm, but the company that raises its money is American. Every Form D gives Delaware as the state of incorporation, and 2023 as the year. Its Swedish company, Lovable Labs Sweden AB, was registered in November 2024 with share capital of SEK 1 million. The American company also sold the subscriptions, at least in 2025. In November that year, Swedish TV programme Kalla fakta found that receipts named Lovable Labs Inc as the seller, and that it was not registered for VAT in the EU. Lovable replied that it was registering and would pay all outstanding VAT.
In addition, the latest filing moved the principal place of business. Earlier Form Ds gave an address in Dover, Delaware, and the August 17, 2026 filing still does: 1111b South Governors Avenue. Separately, Lovable leased 6,000 square feet at One Lincoln Street in Boston in April as its US go-to-market hub. Even so, Stockholm remains its base. The Series C announcement says Lovable will keep its centre of gravity there while it expands in London, Boston, San Francisco and New York. “Look, guys, you can build a global AI company from this country,” Osika said on stage at Slush, in Helsinki, in November 2025.
Why Did an EU-Backed Fund Buy Into Lovable?
The Scaleup Europe Fund, which has €1 billion from the European Commission, co-led the $400 million Series C with Menlo. EQT runs it, and our explainer covers who backs it.
EQT partner Victor Englesson has warned that if companies like Lovable end up backed mostly by American investors, the pull towards “relocating headquarters or listing” in America becomes powerful.
There is a problem, though. EQT’s own growth fund had already bought into Lovable in the Series B. German financial daily Börsen-Zeitung pointed out the overlap: an EU fund managed by EQT was investing in an EQT holding. For the wider picture, see our map of which VCs are backing European AI.
How Much Revenue Does Lovable Make?
About $600 million a year, by the company’s own measure. Hedin gave that figure in an interview at the HumanX conference in Amsterdam on 24 September 2026. Like Lovable’s earlier numbers, it is an annualised run rate. In other words, it scales recent revenue up to a year and is not audited.
The run rate stood at $75 million at the Series A in July 2025 and $200 million by November. Then it passed $400 million in February 2026 and reached $500 million in June.
At $13.3 billion, investors valued Lovable at about 27 times its June run rate. On the September figure, that multiple falls to about 22. Its headcount grew fast as well, from 45 people in July 2025 to 146 in March 2026, with a plan for up to 450 by the end of this year. Lovable targets people who do not write code. If you do, our guide to coding models you can run at home is the other route.
Can You Buy Lovable Stock?
No. Lovable is private, and its shares are not listed anywhere. Search for “Lovable stock”, though, and the results often include two other companies. Lovable Lingerie, an Indian underwear maker, trades in Mumbai. Lovable Marketing Group trades in Tokyo under the code 9254. Neither has anything to do with the Swedish company.
Meanwhile, brokers that deal in private shares, such as Forge and EquityZen, have Lovable pages. Any deal there is a private trade under their rules, not a stock-market purchase.
Will Lovable Go Public?
Not soon, as far as anyone has said. Lovable has announced no plans to list, and its founders talk about the long term. When Lovable announced the Series C, Osika wrote on LinkedIn what he says he has said from the start: “we will build a long-lasting global business from Europe.”
If it does list one day, the question Englesson raised will follow it: Europe or America. For the same question at Europe’s biggest model maker, see what Mistral AI’s own filings show.
Author: Akos Szima
See Also:
Who Owns Mistral AI? What the Company’s Own Filings Show
Which VCs Are Actually Backing European AI in 2026?
Gemma 4 vs Qwen 3.8 on a 16GB MacBook Air: We Tested Them in Six Languages
How We Estimated the Ownership:
Lovable does not publish a cap table. We started from Forbes’s December 2025 estimate of 24% for each founder, made after the Series B. We then treated each announced valuation as post-money. On that basis, Series A investors bought 11.1%, Series B investors 5.0% and Series C investors 3.0%. Finally, we diluted earlier stakes by every later round.
Using the $425 million filed for the Series B instead of $330 million moves the result by about one point. The last slice is simply what remains, and its split between early investors and staff is not public. We read all four Form D filings on EDGAR and the Swedish company record on 4 October 2026.
Frequently Asked Questions:
No. Lovable Labs Inc, the Delaware company that raises its money, is private, and its shares are not listed. Lovable is run from Stockholm. The “Lovable” stocks in Mumbai and Tokyo belong to an Indian lingerie maker and a Japanese marketing group.
Anton Osika, who co-founded Lovable with Fabian Hedin in 2023. Osika built GPT Engineer, the open-source coding tool Lovable grew out of. Forbes estimated each founder’s stake at about 24% in December 2025.
$13.3 billion, set by a $400 million Series C announced on 12 August 2026. Menlo Ventures and the EU-backed Scaleup Europe Fund led it. In December 2025 the valuation was $6.6 billion.
Its four SEC filings report $1.02 billion of securities sold between January 2025 and August 2026, including converted SAFEs. Lovable announced those four rounds at $945 million in total.
