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

- From our Sponsors -

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. 

- From our Sponsors -

Latest Jobs

Senior Marketing

Gallons & Grapes Pte Ltd

Buona Vista, Singapore

Full Time

SGD 4000 — SGD 4500 monthly

English-Korean Freelance Transcriber in Singapore

Elite Asia


Contract / Freelance

Salary Undisclosed

Account Manager (Hybrid)


New York, NY, United States

Full Time

Salary Undisclosed

Customer Service Representative

Gamer's Hideout Sdn. Bhd.

Dataran Prima, Petaling Jaya, Malaysia

Full Time

MYR 3000 — MYR 4000 monthly



SIngapore, Singapore

Contract / Freelance

SGD 9 — SGD 11 monthly

English Technical/Legal Writer

Pacston Technology Group

Kuala Lumpur, Malaysia

Full Time

USD 20000 — USD 60000 monthly

Junior Accounts Cum Admin Assistant


Kallang, Singapore

Full Time

SGD 1600 — SGD 1800 monthly

Head of Developers


Manila, Philippines

Full Time

USD 2000 monthly

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Work Experience Not Specified

Education Not Specified

Also Mentioned


A Japanese multinational telecommunications and Internet corporation


Tencent is a Chinese internet service portal offering value-added internet, mobile, telecom, and online advertising services.

More Related Stories

Community Discussions

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).