Woofun AI reports that Lovable, a Swedish AI application development platform, is negotiating a $300 million funding round valued at $13.2 billion. Menlo Ventures is expected to lead the investment following the launch of its $3 billion fund last month.

Founded less than three years ago, Lovable reached an annualized revenue run rate of $500 million in June. The platform serves founders, independent designers, and sales professionals building websites and e-commerce stores, while also providing ambient programming tools to enterprise clients such as Workday, Asana, and Nvidia.