Lovable just proved something uncomfortable for every SaaS company with a thousand-person sales team. The Stockholm vibe coding startup crossed $400 million ARR in February, adding $100 million in a single month, with 146 employees. That number is not a typo. It is the clearest signal yet that AI-native software companies operate on economics the industry has never seen before.

Elsewhere this week, Swedish iGaming giant Betsson dropped EUR 64.5 million in cash to buy its way into Canada through Rhino Entertainment. Estonia's Wallester claimed the top fintech spot in the Financial Times FT1000 ranking. Copenhagen biotech Commit Biologics brought in a serial founder to lead its push into clinical trials. And Bloomberg ran a pointed feature on Sweden's struggle to keep its best startups from migrating to US capital markets.

A quieter deal worth noting: Stockholm's Endform raised EUR 1.5 million to fix the testing bottleneck that AI-generated code is creating. When the tools write code faster, someone has to make sure it works. That someone might be Endform.

Endform, the Stockholm-based CI testing platform, closed a EUR 1.5 million seed round co-led by Alliance VC, Antler, First Fellow Partners, and Greens Ventures. The startup parallelizes Playwright tests across individual cloud machines, collapsing pipeline time. Its marquee customer, Lovable, runs 80,000 tests per week on the platform. Co-founders Jakob Norlin and Oliver Stenbom, both ex-Mentimeter, built the product around a pain point they lived daily: waiting for slow test suites in high-velocity engineering teams.

In Helsinki, mental health startup Bliss raised EUR 232,400 ($270K) in angel funding from Keiretsu Forum, Finest Love VC, and Plug and Play. Founded by Jona Doda, the Albanian-Finnish company is building culturally intelligent AI for therapy, targeting diaspora communities where standard mental health tools miss critical cultural context.

Betsson AB is acquiring Rhino Entertainment Group's Canadian B2C business and proprietary technology stack for EUR 64.5 million (~$74.3 million). The Stockholm-listed company is funding the deal entirely from cash reserves. Rhino, led by CEO Ross Parkhill, generated an estimated $15.9 million EBITDA in 2025 and operates Canadian-facing brands including Big Boost Casino. The acquisition gives Betsson direct positioning in Canada's province-by-province regulatory rollout, plus front-end technology it plans to integrate into its B2B licensing business.

Lovable crossed $400 million ARR in February, adding $100 million in revenue in a single month with just 146 employees. More than half of Fortune 500 companies now use the platform, and enterprise clients include Klarna and HubSpot. The company launched its first brand campaign, "Earworm," featuring a functional app built on the platform by the creative team itself. At $6.6 billion valuation, the revenue multiple has already compressed from 20x to roughly 16x since December.

Estonian fintech Wallester claimed the number one fintech ranking in the Financial Times FT1000 Europe list, up from seventh place in 2025. The card-issuing infrastructure provider posted a 178.9 percent compound annual growth rate, with revenue climbing from EUR 790,000 in 2021 to EUR 17.2 million in 2024. CEO Sergei Astafjev has built the business across four countries with over 200 employees, without raising massive venture rounds.

Copenhagen's Commit Biologics appointed serial biotech entrepreneur Thomas L. F. Montgomery Andresen as CEO, effective March 16. Andresen, most recently at T-Cypher Bio, brings two decades of experience converting scientific breakthroughs into commercial therapies. He replaces co-founder Mikkel Wandahl Pedersen, who moves to CSO. The company, backed by EUR 21.5 million in seed funding from Novo Holdings, Bioqube Ventures, and Korys, plans to nominate its first two clinical development candidates later this year. Its complement-powered immune engager platform has shown deep B-cell depletion without cytokine release in non-human primates.

Bloomberg published a feature titled "Sweden's 'Silicon Valhalla' Battles US Pull on Rising Startups," highlighting the growing tension between Sweden's extraordinary startup output and the migration of its best companies to US capital markets. The piece names Daniel Ek and Sebastian Siemiatkowski as figures whose NYSE listings have set a template for the next generation. Calls are growing for deeper European capital markets, but structural reforms remain stalled. A counterpoint: Lovable's Anton Osika has kept his $6.6 billion company headquartered in Stockholm.

That is your Friday briefing. See you next week.