China's Uber for Trucks, Manbang, raises $1.7 billion; valued at close to $12 billion now

Investors include SoftBank, Google, Tencent, and many more

Alfred Lee

24 Nov, 2020

China's Uber for Trucks, Manbang, raises $1.7 billion; valued at close to $12 billion now | BEAMSTART News

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Chinese logistics company, Manbang Group, announced on Tuesday that the company has raised $1.7 billion in its latest funding round.

Just 2 years ago, the company raised $1.9 billion from SoftBank and Google.

Investors in the current round include SoftBank, Sequoia Capital China, Hillhouse capital, GGV Capital, Lightspeed China Partners, Tencent, YF Capital, and more, bringing Manbang's valuation close to $12 billion.

Manbang trucks in China.

Manbang runs an app that matches truck drivers and merchants transporting cargo, much like an "Uber for trucks". The company also provides financial services to truckers.

The company has reportedly over 10 million verified drivers, and 5 million cargo owners

Some of Manbang Group's fleet of trucks.

With the latest financing, Manbang will be able to invest in research and development, as well as upgrade their matching system to expand their services to more areas.

Just 2 weeks ago, Wall Street Journal reported that Manbang was looking to go public as early as next year, although the company declined to comment on the matter.

According to a statement to the media, Manbang said it had achieved profitability this year. 

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