00:00I go to the numbers that you've actually given to us, the $200 million, the annual revenue run rate.
00:07That's a lot. Who's purchasing?
00:09So we're seeing Lovable since we launched just 12 months ago,
00:14being powered by this consumer and prosumer movement of individuals that use the product and then they love it.
00:21So they put in their credit card and that's just the movement that's been then translated to us being pulled into the enterprise
00:28where Fortune 500 companies like Klarna, HCA Healthcare, they're transforming how they work on top of a completely new way to build software products
00:40and even software companies on top of the products that are being built.
00:46But when it comes to Vibe coding and the use cases, where are you having to build out?
00:51You're building offices in America, it would seem.
00:54Yeah, that's correct.
00:55What we're seeing is that Lovable is providing a lot of value in large companies moving faster
01:02and many of those companies are in the U.S.
01:05So we have great leadership that has built companies at the larger stage before.
01:11Ryan Meadows, Skjell Klaviyo, he's now joining, building out from where he's based in Boston.
01:17We have Marianne Coghe who joined from Notion.
01:20She's moving with her family to Stockholm.
01:21I think that says a lot why we keep the core headquarters here in Stockholm as we expand globally on the mission,
01:30which is simply to reimagine how software is built and who gets to build it.
01:35And we're witnessing a once in a generation democratization of software creation.
01:40The pace is extraordinary.
01:42It was only four months ago.
01:43It was only back in July that you mentioned that you've got $100 million annual revenue run rate.
01:47Now that's doubled.
01:49You are, we understand, looking for funding.
01:51You could have a $6 billion valuation.
01:53Can you comment on how much you are needing to have yet further capital to finance this expansion?
01:59Yeah, Caroline, I'm not here to talk about any fundraising that hasn't happened.
02:05But what I can say is that the momentum is absolutely astounding and it's increasing.
02:12There are 100,000 new projects built on Lovable every single day.
02:16And what's growing even faster is how much traffic the meaningful applications and businesses built on Lovable are gathering.
02:27We're seeing 5 million visits to Lovable websites per day.
02:31That doubled in just the last two months.
02:34And some part of that is us building out and just reimagining how does the entire lifecycle of building a software product look like?
02:42We launched Lovable's cloud, an AI offering, two months ago.
02:48And that has resulted in almost 30% of all the applications built having AI included, even though they're built without a software engineer.
02:58They're built by the 99% who don't code and then starting to collaborate with engineers if they're being built in large companies in the same platform.
03:07What are your costs?
03:09Where are you having to spend more?
03:11Is it talent?
03:12Is it compute?
03:13What is it that you are having to build within your business model?
03:17So when someone asks Lovable to build a new piece of software or just a presentation, a demonstration of something that they think the business should be doing,
03:28we are, of course, consuming compute to power the AI.
03:32And that costs a significant amount.
03:34But Lovable has healthy unit economics.
03:37And now what we're looking to do is to just do everything we can to drive as much value for all of our customers.
03:44And that's going to require us to invest in the new offices that we're opening and to take care and teach customers that are using Lovable how to get the most value out of the product.
03:57Anton, when you hear the anxiety in the public markets that companies are overinvesting, that we're not seeing the AI rewards yet in the time frame that we need to for the amount of money that's going on capital expenditure, what do you say to that?
04:09So when AI initiatives are being pushed into a company top down, I think there's often a risk that the expectation is wrong.
04:22Someone hasn't used the tools themselves.
04:26What we're seeing with Lovable is that it's all being adopted bottoms up.
04:30So people come to the Lovable website, they build an application, publish it online or privately to their own company, and then they see value and then they start paying.
04:42So I think there's a lot of different things happening in AI.
04:46And if you're considering making buying decisions, you should yourself use the technology and understand yourself how it can affect your business outcomes or your personal life.
04:56And at Lovable, we're seeing companies like Microsoft, Klarna, a large part of Fortune 100 companies adopting this new demo, not memo, where anyone in the company builds software to take the company forward.
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