3 startups are doing a great job at the end of 2024: Telegram, Glean, and Lovable.
Telegram revenue surpassed $1 billion and is profitable
Telegram is a cloud-based instant messaging service that allows users to send messages, photos, videos, and files of any type. It is known for its speed and security, utilizing a unique distributed network of data centers around the globe to ensure fast message delivery and data protection.
CEO Pavel Durov shared that the number of Telegram Premium subscribers tripled this year, exceeding 12 million, and ad revenue increased several times. Over the past four years, Telegram has issued about $2 billion in debt.
Telegram's total revenue in 2024 surpassed $1 billion, and they are closing the year with more than $500 million in cash reserves, not including crypto assets.
Glean ARR nearing $100M, growing at 3x yoy
Glean is specializing in enterprise-grade artificial intelligence (AI) and search capabilities. Founded in 2019 by a team of engineers and entrepreneurs, Glean focuses on improving workplace productivity by providing advanced search tools that aggregate information from various applications within an organization.
Glean's primary product is its enterprise search platform, which integrates with a company's existing data sources to facilitate seamless information retrieval. This platform allows employees to find relevant documents, emails, and other resources quickly, thereby improving decision-making and operational efficiency.
Glean has recently gained attention for its rapid growth and significant funding rounds. In September 2024, the company raised $260 million in a Series E funding round, doubling its valuation to $4.6 billion. Its ARR reached $55M in Sep., and now is nearing $100M, growing at 3x yoy.
Lovable ARR at $4M in 4 weeks
Lovable.dev is an innovative AI-powered platform that enables users to build high-quality software without writing code. It offers seamless integration with tools like GitHub and Supabase, making it easy to create and deploy applications.
The platform is also recognized for its ability to facilitate rapid app development, allowing users to create fully functional applications in a fraction of the time compared to traditional coding methods. For instance, users can build and deploy applications with features like authentication and data storage, achieving results up to 20 times faster than conventional coding practices
After breaking ARR at $1M in just 8 days, it is the fastest-growing startup in Europe ever, with $4m ARR in 4 weeks.
The AI programming sector is remarkably impactful, with startups like Cursor, Bolt.new, and Lovable demonstrating unprecedented growth.
Cursor recently increased its ARR (Annual Recurring Revenue) from $4 million to $50 million in just 6 months, highlighting the remarkable scalability of AI programming tools.
Bolt.new, developed by StackBlitz, skyrocketed to $20 million ARR within 2 months. 4 Days ago, CEO Eric Simons announced that Bolt.new crossed over 2 million registered users, making Bolt.new the fastest growing and 1st web dev AI agent.
Meanwhile, Lovable, co-founded by Anton Osika and Fabian Hedin in 2023, has become Europe’s fastest-growing startup, reaching $4 million ARR in only four weeks, after making headlines by reaching $1 million ARR within just 8 days of its launch. In short:
Cursor ARR from $4M to $50M in 6 months;
Bolt.new ARR reached $20M ARR in 2 months;
Lovable ARR crossed $4M in 4 weeks.
Lovable’s Meteoric Growth
Initially launched as GPT Engineer, an open-source tool popular on GitHub with over 50,000 stars, Lovable has evolved significantly. Originally designed for developers using terminal interfaces, it now offers a commercial version, gptengineer.app, tailored for non-technical users.
This pivot aligns with its mission: to democratize software development, enabling anyone to build interactive web applications using natural language.
Since its launch, Lovable has continuously expanded its capabilities, integrating seamlessly with platforms like Supabase and GitHub.
These integrations allow users to incorporate backend databases and authentication into projects effortlessly, streamlining the development process. Here is how its paid users grow.
This focus on user-friendly design has driven Lovable’s explosive growth, with its ARR skyrocketing within weeks of launch.
The Key to Lovable’s Success
Anton Osika attributes Lovable’s success to two main factors: