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Investing.com -- Swedish artificial intelligence coding startup Lovable is reportedly close to securing fresh funding that would value it above $6 billion, according to Bloomberg on Tuesday.
The company is now pushing past $200 million in annual recurring revenue, but is not yet profitable. The startup, founded in 2023, provides a platform that allows both professional developers and users without coding experience to quickly create apps or websites from scratch.
Lovable operates on a freemium business model, offering several subscription tiers ranging from free access to plans costing $100 in monthly fees.
"Our biggest stream of new customers is coming from word of mouth," Chief Executive Officer Anton Osika said in an interview.
The company’s latest funding round comes less than five months after its previous capital raise. Some details of this fundraising effort were first reported by Forbes.
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