SITUATION EXPLAINED: Lovable raised $400M at $13.3B • 2x its December valuation, on a run rate near $600M • Co-leading the round is the European Commission's new €5bn fund, built specifically to stop European startups from leaving for the US • Lovable is one of its first bets, and Menlo's largest position after Anthropic • Tencent is on the cap table too, so a Chinese internet giant and the European Commission are now funding the same Swedish startup @theojaffee: "Props to them for staying in…