Vibe coding: what’s funding like now?

All funding deals in the vibe coding market over the last 24 months

Below is the table listing all the deals. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the vibe coding market.

Is the vibe coding market actually healthier than a year ago?

The vibe coding market is in better shape for companies that have already broken through, but funding conditions for smaller startups have actually weakened.

We counted 33 financing deals over the latest 12 months, compared with 30 during the previous year. The number of companies receiving funding increased from 24 to 29, while reported capital jumped from at least $2.98 billion to $7.56 billion.

Those figures look impressive until we examine the typical financing. The median round fell from $23 million to $16 million, a 30.4% decline. And when we exclude rounds above $50 million, recorded funding actually fell 40.3%.

More companies are getting financed, including businesses building enterprise applications and tools for people who cannot code. Meanwhile, investors are putting extraordinary amounts into established names such as Cursor, Cognition and Lovable.

We now have a market capable of producing companies worth tens of billions of dollars. But getting a $5 million or $15 million round has not necessarily become easier.

Funding indicator	Previous 12M	Current L12M	Change
Funding deals	30	33	+10.0%
Unique funded companies	24	29	+20.8%
Reported capital	$2.98B+	$7.56B+	+153.9%*
Median financing	$23M	$16M	-30.4%
Capital excluding rounds over $50M	$313.4M+	$187.2M+	-40.3%*
First financings	12	15	+25.0%
Follow-on financings	18	18	Unchanged
Early-stage deal share	73.3%	66.7%	-6.7 pp
Later-stage deal share	23.3%	30.3%	+7.0 pp

*Capital growth rates use recorded values, including disclosed lower bounds, and should be treated as indicative.

Would vibe coding funding still be growing without the giant rounds?

No. Vibe coding funding looks considerably weaker once we remove the biggest transactions.

The difference is striking. Total recorded capital increased approximately 154%, yet funding from rounds of $50 million or less declined from $313.4 million to $187.2 million. Even excluding only rounds above $100 million leaves $317.2 million in current funding, compared with $413.4 million previously.

Removing the largest deal makes a substantial difference too. Cursor's $2.3 billion Series D, announced in November 2025, accounted for 30.4% of current capital. Without Cursor's round, recorded funding falls to approximately $5.26 billion. Cognition's billion-dollar-plus financings and other large transactions continue to influence the picture.

The three biggest rounds represent 70.1% of current funding, leaving approximately $2.26 billion across the other 30 financing events. The corresponding top-three share was 60.4% a year earlier.

For founders raising conventional venture rounds, the headline increase offers little reassurance. Large investors are writing much bigger checks to a handful of companies, while the rest of the market is receiving less capital in aggregate.

Are a handful of vibe coding companies taking nearly all the money?

Yes. The biggest vibe coding companies currently attract such a large share of investment that their fundraising increasingly determines the entire market's financial performance.

In the latest period, the ten largest financings represented 94.1% of reported capital. The concentration was already high a year earlier, at 91.2%, but it has become even more extreme.

Cursor, Cognition and Lovable illustrate why. Cursor raised $2.3 billion at a $29.3 billion valuation in November 2025. Cognition announced more than $2 billion at a $48 billion valuation in September 2026. Lovable completed a $400 million Series C at a $13.3 billion valuation in August.

Those transactions were far beyond ordinary software startup funding. At the same time, companies such as ByteAsk and Empromptu AI were raising $1 million and $2 million, respectively.

Investors clearly believe several vibe coding platforms could become enormous businesses. But the amount of capital available to these market leaders says relatively little about financing conditions for younger competitors.

Concentration indicator	Previous 12M	Current L12M
Largest deal share	30.2%	30.4%
Top three deal share	60.4%	70.1%
Top five deal share	75.5%	80.7%
Top ten deal share	91.2%	94.1%
Deals over $50M	9	13
Deals over $100M	8	11
Capital from rounds over $50M	89.5%	97.5%
Capital from rounds over $100M	86.1%	95.8%

Are more vibe coding startups getting funded, including new ones?

Yes. Vibe coding funding is reaching more companies today, and investors are still backing new businesses, although first-time financing rounds have become smaller.

We identified 29 different companies receiving investment during the latest 12 months, against 24 previously. The number of deals increased more slowly, suggesting that the market is reaching a wider group of businesses.

First financings also increased from 12 to 15, although their median size fell from approximately $8.7 million to $6 million.

Look at the range of companies getting funded. G5 Labs raised $14 million in September 2026 to develop a system that turns business requirements into structured software specifications. Pit secured $16 million in May to help companies generate their own applications. Estonia's bilt.me raised approximately $700,000 in September for its mobile app creation platform.

Smaller commitments are also common. OpenBuilder raised $2.2 million in April 2026 to help people create web applications through natural-language instructions. ByteAsk secured $1 million in September for coding agents designed around C and C++ software. Empromptu AI raised $2 million in November 2025 for business-oriented AI application development.

There are exceptions at the other end of the spectrum. In June 2026, 8090 Labs announced a $135 million Series A led by Salesforce, its first financing recorded in our dataset. The company is pursuing AI-powered enterprise software development rather than the more familiar consumer app-building model.

Today's entry market is quite varied. Investors still finance early experimentation, while companies with ambitious enterprise strategies can attract much larger initial commitments. A first financing, though, should not be confused with proof that the company itself was newly founded.

Are established vibe coding companies raising more money and getting funded faster?

Established vibe coding companies are attracting far larger checks, and some market leaders are returning to investors within months.

The number of follow-on financing events remained unchanged at 18, but their median size increased from $100 million to $140 million. First-financing medians, meanwhile, moved in the opposite direction.

Cognition is the clearest example. After announcing more than $400 million in September 2025, the company disclosed a financing exceeding $1 billion in May 2026 and another exceeding $2 billion in September. Factory raised $150 million in April and another $200 million in September. Lovable raised $330 million in December 2025 and another $400 million eight months later.

These examples are remarkable because venture-backed businesses have traditionally relied on financing to support operations over much longer periods. Several AI software companies are now securing new capital before their previous financing is very old.

Yet repeat fundraising did not become more common across the whole market. The number of companies completing multiple financings within a single 12-month period actually declined from five to four.

Our records also do not systematically establish the time between every company's successive rounds. Certain vibe coding leaders clearly have exceptional access to repeat capital, but a market-wide acceleration in fundraising speed would require more complete financing histories.

Why are typical vibe coding funding rounds getting smaller?

Typical vibe coding rounds are shrinking partly because financing has become more polarized, with fewer deals in the middle and more money concentrated in giant growth rounds.

We found that the number of financings between $20 million and under $50 million fell from six to two. The number of seed financings remained relatively stable, and very large rounds became more common.

Rork's $15 million April 2026 funding, Pit's $16 million May financing and G5 Labs' $14 million September round are examples of the smaller end of the market. Meanwhile, Cursor, Replit and Cognition secured transactions measured in hundreds of millions or billions.

The average round increased to at least $229.2 million while the median declined to $16 million. Exceptional transactions are pulling the average sharply upward.

We cannot establish that investors deliberately reduced their standard check sizes. The changing mix of financings also affects the median. But the decline in middle-sized rounds is clear.

Is vibe coding becoming a more mature funding market?

Yes. Vibe coding now has a more substantial group of companies raising late-stage capital, even though early-stage financing remains common.

The share of later-stage deals increased from 23.3% to 30.3%, while early-stage deals declined from 73.3% to 66.7%.

Four Series D+ financing events appeared in the current period, including Cursor's November 2025 Series D, Cognition's two major 2026 rounds and Replit's $400 million financing in March 2026.

These companies have moved remarkably quickly beyond their first products. Within a few years, they have built platforms capable of attracting investments traditionally associated with much more established technology businesses.

Seed financing still accounted for 15 deals, however, making it the largest individual stage by transaction count.

Funding-stage indicator	Previous 12M	Current L12M
Total deals	30	33
Seed deals	16	15
Early-stage deal share	73.3%	66.7%
Later-stage deal share	23.3%	30.3%
Series D+ deals	0	4
Unknown-stage deals	1	1
First-financing share	40.0%	45.5%
Follow-on share	60.0%	54.5%

Which vibe coding category is attracting the most new investment?

Enterprise Software Builders are currently showing the strongest increase in funding activity across different companies.

The category went from three deals to ten in a year, while its median financing remained around $15 million. That is an unusually convincing combination because more businesses received funding without the typical round becoming smaller.

Blitzy raised $200 million in May 2026 to expand autonomous enterprise software development. Conduct AI secured $60 million in June for AI agents working with customized business software. G5 Labs entered the funding picture with a $14 million seed round focused on turning complex requirements into precise, usable software specifications.

These companies address problems that are much harder than generating a landing page. Businesses need software connected to existing systems, with security, testing, maintenance and control over how applications are built.

Prompt-to-App Builders also became more active, moving from four to seven financing deals, although their median dropped from $8.2 million to $6 million.

AI-Native IDEs followed a different path. Deal count fell from four to one, leaving Cursor responsible for the category's current-period financing. Autonomous Repo Agents also recorded fewer deals while attracting much greater capital.

For now, enterprise application development has the strongest evidence of growing investor interest across multiple companies.

Are autonomous AI coding agents winning the vibe coding funding race?

Autonomous AI coding agents are attracting some of the largest investments in vibe coding, especially when they can work on complex, existing codebases.

Cognition's Devin and Windsurf products are a major example. The company's September 2026 Series E valued the business at $48 billion, supported by investors including Andreessen Horowitz and Accel. Factory, another company focused on autonomous software engineering, reached a $5 billion valuation with its September 2026 financing.

There is also investment in smaller competitors. OpenHands raised $18.8 million in November 2025 to develop open-source autonomous coding agents, while Kilo Code secured $8 million in December.

The products are becoming more ambitious. Instead of simply suggesting a few lines of code, these systems aim to handle programming tasks, modify repositories, run tests and operate within established development workflows.

Financing tells us more about investor expectations than actual engineering performance. Companies may raise enormous sums before their agents can reliably handle every production environment. Whether these tools will replace large parts of traditional software engineering remains an open technical and commercial question.

Is building apps without coding still attracting investors?

Yes. No-code and prompt-based app creation is still attracting venture funding, and companies with strong user adoption are moving well beyond small seed rounds.

Emergent is particularly interesting. The company raised $70 million in January 2026 and another $130 million in July. In its July announcement, Emergent reported that more than 12 million applications had been built on its platform since launch, with 70% of users having no prior coding experience.

These platforms are reaching people who previously depended on developers, agencies or conventional software tools to turn business ideas into working applications.

Lovable is pursuing a related opportunity, combining application generation with tools aimed at people building and operating businesses. Its August 2026 financing valued the company at $13.3 billion.

At the earlier stage, companies such as Rork, OpenBuilder and bilt.me continue to develop narrower or more accessible app-building products.

The important question now is how many of these applications become useful, lasting products. The number of generated apps is evidence of activity, but sustained use, paying customers and reliable deployments will matter much more as the category matures.

Why are investors suddenly putting so much money into enterprise vibe coding?

Enterprise vibe coding is attracting serious funding because investors now see companies trying to solve expensive software problems for large organizations, with stronger commercial evidence emerging from some of the leaders.

In June 2026, 8090 Labs announced its $135 million Series A and said it was working with demanding customers in sectors such as healthcare, insurance, financial services, manufacturing and government. According to its founder's announcement, the money would support hiring and the computing infrastructure required to deliver its software reliably.

Factory's September financing provides another example. The company named NVIDIA, Blackstone, Royal Bank of Canada, Palo Alto Networks, Adobe and T-Mobile among the organizations using its technology.

These are demanding environments where companies need control over existing systems, security, governance and code quality. Selling software into such organizations can create substantial opportunities, provided the tools actually perform as promised.

The commercial potential is much larger than selling subscriptions to hobby developers alone. That helps explain why enterprise-focused builders have attracted both conventional venture funds and strategic corporate investors.

Is the United States pulling further ahead in vibe coding funding?

North America is extending its lead in vibe coding deal activity, while Europe continues producing some of the market's most valuable companies.

North American financings increased from 19 to 25, representing growth of approximately 31.6%. Europe recorded seven deals in both periods.

The geographic difference is easier to understand through specific examples. American companies including Cursor, Cognition and Factory attracted very large investments in autonomous software development. Newer businesses such as G5 Labs, ByteAsk and Empromptu AI also secured capital.

Europe's activity was much more dependent on existing success stories. Sweden's Lovable completed two major rounds, while Swedish startup Pit and Romania's DesignVerse received smaller financings.

Europe's total funding increased despite its unchanged deal count. Its leading businesses became better financed, but there is no comparable evidence of growth in the number of funding events.

Geography also requires some care. Emergent, for example, has substantial engineering operations in Bengaluru while being classified under its American headquarters. Headquarters-based funding statistics do not capture every country's contribution to product development.

Are big tech companies becoming major vibe coding investors?

Big technology companies are already active vibe coding investors, but corporate participation has not increased across the market as a whole.

We counted ten financings involving strategic investors in each period. Because total deal count rose, their share actually declined slightly.

The company examples are more revealing than the overall percentage. Lovable's December 2025 Series B attracted Salesforce Ventures, Atlassian Ventures, Databricks Ventures and HubSpot Ventures, among other strategic investors. Its August 2026 financing included Tencent and returning corporate investors.

Other transactions demonstrate the range of interests involved. Blitzy's May financing included investment arms linked to Liberty Mutual and Erie Insurance, while Conduct AI's June financing involved SAP.

These investors have different reasons for following vibe coding. Enterprise software providers may see opportunities in application creation and distribution. Financial services and insurance groups may be interested in reducing their own software development costs.

Corporate backing can open doors, but investing in a company does not automatically establish product adoption, contracts or lasting commercial partnerships.

Do vibe coding startups need real revenue to raise big rounds now?

Commercial traction is becoming much more visible among the largest vibe coding fundraising winners, although revenue is not a universal requirement for attracting investment.

Cursor offers the strongest example. When announcing its $2.3 billion Series D in November 2025, the company said it had surpassed $1 billion in annualized revenue and served millions of developers. That is a substantial commercial milestone for a relatively young software business.

Emergent also reported meaningful adoption and revenue growth. Its July 2026 announcement described reaching $50 million in annual recurring revenue within seven months of launch, alongside millions of users and applications created through the platform.

Factory's September announcement named major enterprise customers and said hundreds of thousands of developers were using its software. Cognition, meanwhile, has been expanding Devin into commercial engineering workflows, including work with large enterprise customers.

These examples help explain why investors have been willing to commit hundreds of millions or even billions of dollars to selected companies.

But a pattern among the winners should not become a rule for everyone. G5 Labs and ByteAsk raised seed capital around specialized technologies, and the public evidence does not establish that every newly funded company had substantial revenue.

Are vibe coding companies now raising money to scale instead of just building products?

Large vibe coding companies are increasingly using financing to expand products, engineering teams and commercial operations, while smaller startups continue raising money for initial development.

Cursor explicitly described plans to deepen its research and expand its team when announcing its November 2025 financing. The company already employed more than 300 people and had substantial commercial revenue.

Factory provided a different example in September 2026, when it said its $200 million financing would support research, product development and global go-to-market activities.

8090 Labs also described concrete spending priorities after its June financing: hiring more people and investing in computing infrastructure. Lovable's August announcement emphasized its ambition to become a broader platform for creating new businesses and transforming existing ones.

The distinction is less obvious among smaller companies, where funding often supports product building, technical experimentation and initial customer development.

Our research does not contain comparable use-of-funds disclosures for every transaction in both years. We can identify a clear scaling agenda among several major recipients, but cannot calculate how much of the entire market has shifted from research into commercialization.

What really changed over the last 12 months?

Vibe coding has become a two-speed funding market

Large, established platforms are attracting unprecedented amounts of capital, while typical financing rounds have become smaller. We now have stronger evidence that vibe coding can produce extremely valuable software companies, but the general fundraising environment has not improved at the same pace.

More companies are getting funded, which is genuinely encouraging

Unique funded companies increased by 20.8%, and first financings rose by 25%. New businesses are still entering the funded ecosystem, particularly in enterprise application creation and prompt-based development.

The concentration of money has become extreme

As seen above, the ten largest rounds represented more than 94% of current capital. This makes reported funding growth unusually sensitive to a few companies. Anyone judging vibe coding only by its aggregate investment total would seriously overestimate how much capital is available to the typical startup.

Enterprise software builders have the clearest momentum across companies

This category's expansion from three to ten deals, with a stable median round, stands out. Businesses are financing tools for complex internal applications, software modernization and enterprise development workflows. Growth is spread across more financing events and different businesses rather than depending entirely on a single blockbuster round.

Investors are increasingly rewarding companies that can demonstrate scale

Cursor's revenue, Emergent's adoption figures and Factory's named enterprise customers provide concrete examples of what is attracting large commitments. The evidence is strongest among later-stage leaders. Earlier-stage investors continue taking technical and product risks, often with smaller checks.

The market is growing up, but its future remains uneven

Vibe coding now contains both seed-stage experimentation and multibillion-dollar growth rounds. Some companies are building products for the first time, while others are already expanding internationally and selling into major enterprises.

Our overall assessment is that the market is more mature, broader in the number of funded companies, and significantly more concentrated than it was a year ago. Its leading companies look stronger than ever, but that strength has not yet translated into a healthier funding environment for everyone.