Europe’s fastest growing vibe coding startup, Lovable, tells TechCrunch that it has surpassed $500 million in annual revenue run rate.

Loveable last discussed its revenue in February, when the company said it surpassed $400 million. In August, 2024, Lovable said it could reach $1 billion in annual revenue within 12 months. It may not be on track to double that figure until summer, but it’s still reporting jaw-dropping growth. Founded in late 2023, the company has yet to celebrate its three-year anniversary.

The company also claims that it has been used to create more than 50 million projects and says that its usage has reached one million new projects a week. According to A survey of these projects In what follows on the company’s blog, Lovable says its customers are primarily non-technical, yet they are increasingly building software that they want to monetize or use in their businesses.

The company says its customers are founders, designers, and salespeople building websites and e-commerce storefronts, as well as internal tools such as CRMs, inventory systems and HR platforms.

That list tells a story. AI-powered coding platforms are seen as a threat to legacy SaaS software. Why buy expensive annual contracts when you can code it yourself? Lovable’s survey offers some data that this is indeed happening. Of course, Cute – so most of the projects built on it – isn’t old enough to answer the hard question about Vibecoded software: Will such an approach prove short-lived? That’s because it’s not the initial building part that’s the problem – it’s the retention part.

Software works almost like a living thing: even well-written, well-designed code that isn’t AI slop runs on top of an ever-changing stack of dependencies, third-party services, and infrastructure — all of which are constantly being updated, which means end-user software is always breaking. This is why many companies choose to buy rather than build. They want others to be responsible for running it. We’ll have to see if Luvable and other Vibcoders will transparently report abandoned projects as their platforms mature — that is, the unflattering stuff. If these abandonment rates are low, it will be. The real indication is that the so-called SaaSpocalypse It is here and here to stay.