Chinese truck-hailing service platform Manbang has raised US$1.9 billion from a group of investors including Japan’s Softbank Group and Alphabet’s venture capital fund CapitalG.
Manbang, formally known as Full Truck Alliance Group, said on Tuesday that the new round of fund-raising will help the firm develop new business areas and markets, Reuters reports.
Manbang, often described as China’s “Uber for trucks”, runs an app that allows shippers to connect with truck drivers and transport goods across the country.
The company counts Apple, Foxconn and Saudi Arabia’s sovereign wealth fund among its backers.
According to Manbang, around 5.2 million out of China’s 7 million trunk line trucks are members of the Full Truck Alliance.
Entities that participated in the latest investment round include state-backed private equity firm China Reform Fund and Hong Kong-based investment firm Ward Ferry.
According to the Wall Street Journal, the fund-raising would put Manbang’s valuation north of US$6 billion.
“The deal has brought Manbang’s development into a new stage,” CEO Wang Gang said in a statement, adding that it would help the firm “become the world’s largest platform in terms of transportation capacity.”
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