Lovable Emerges as Centaur: Swedish AI Startup Hits $100M ARR Milestone

Rapid Growth In A Dynamic Market

In less than a week after becoming Europe’s latest unicorn, Swedish startup Lovable has ascended into elite status as a centaur, boasting more than $100 million in annual recurring revenue (ARR). Founded only eight months ago, Lovable has leveraged the explosive demand for its AI-powered website and app builder to attract over 2.3 million active users, including 180,000 paying subscribers.

Innovative Subscription Strategy And Market Adaptability

Despite maintaining a lean team of 45 full-time employees with 14 open positions, Lovable’s employee-to-revenue ratio remains notably impressive. The startup primarily drives revenue through subscriptions but has demonstrated strategic agility by recalibrating its pricing tiers. CEO Anton Osika disclosed that in June, after achieving $75 million ARR, the company reconfigured its Team tier to a more cost-effective Pro tier. This adjustment not only streamlined collaboration but also safeguarded long-term growth, even at the cost of a short-term loss of $1.5 million in ARR.

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Evolving Offerings For Enterprise Adoption

Lovable is now introducing a Business tier that strategically fits between its Pro and bespoke Enterprise solutions. The new plan is engineered to appeal to business clients by offering self-serve options, Single Sign-On (SSO), customizable templates, and enhanced data privacy controls. This move aims to bridge the gap between prototyping and full-scale business application, mitigating current reservations among enterprise-level users about adopting vibe coding.

Capturing A Lucrative AI-Driven Momentum

With marquee clients such as Klarna, HubSpot, and Photoroom, Lovable is firmly establishing its footprint in the high-stakes world of enterprise technology. More than 10 million projects created to date lend credence to its growing influence in an industry buoyed by AI innovations. Alongside peers like Nvidia-backed Synthesia, Lovable’s rapid rise to the $100 million ARR club—though a small circle in Europe—heralds an era dominated by transformative AI solutions.

This swift ascent underscores how agile strategies and adaptive product offerings can propel startups to compete and prevail in a crowded landscape, providing valuable insights for businesses navigating the evolving digital economy.

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Cyprus Invested €213.6 Million In R&D In 2023, Up 3.2% From 2022

by THEFUTURE.TEAM

October 16, 2025

Incremental Rise in R&D Spending

Cyprus dedicated €213.6 million to research and development in 2023, amounting to 0.68% of its GDP, according to data released by Cystat. This figure represents a modest 3.2% increase over the previous year, when total expenditure reached €207 million (0.70% of GDP).

Comparative European Landscape

While research and innovation spending in Cyprus has consistently trended upward over the past decade, its relative investment remains below the EU average of 2.26%. Countries such as Malta and Romania exhibit similarly lower percentages, at 0.64% and 0.52% of GDP, respectively, as opposed to the frontrunners like Sweden (3.64%), Belgium (3.27%), and Austria (3.26%) in 2023.

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Long-Term Growth Prospects

Despite its modest share of GDP, Cyprus boasts one of the highest long-term growth rates in its bloc. Between 2000 and 2023, the nation’s R&D expenditure grew at an annual average of 9.96%, and from 2010 to 2023, this growth averaged 7.23%—significantly outpacing the EU’s averages of 4.47% and 4.62% respectively.

Sectoral and Funding Breakdown

Analysis by sector reveals that business enterprises led R&D activity with €89.6 million (41.9% of total expenditure), followed by higher education institutions at €76.9 million (36%), private non-profit organizations at €31.1 million (14.6%), and the government at €16 million (7.5%). Within the corporate sphere, investment was primarily channeled through information and communication companies (accounting for €51.7 million), complemented by pharmaceutical, electronics, and electrical equipment manufacturers, which contributed €25.9 million.

Diversified Funding Sources

Government funds underwrote 23.5% of the total R&D activity, equating to €50.2 million, a slight increase from 22.1% the previous year. Public universities injected €27 million into the ecosystem, while foreign funding, including EU contributions, provided €45.1 million. Notably, the private sector led the financing efforts with a contribution of €91.3 million, representing 42.8% of the aggregate expenditure.

Disciplinary Focus and Human Capital

Research investments were predominantly directed towards the natural sciences (€94.5 million) and engineering and technology (€66.1 million). The social sciences (€22.3 million), agricultural sciences (€12.6 million), medical sciences (€10.5 million), and humanities (€7.5 million) completed the funding profile. The R&D workforce in 2023 edged up slightly, engaging 4,257 personnel overall, including 2,308 full-time equivalent researchers, 39.4% of whom were women, with roughly one-third holding PhD qualifications.

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