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

Account Executive

Novoflow

California,

Full Time

USD 200000 — USD 250000 yearly

Sales Development Representative

Usul

California,

Full Time

USD 70000 — USD 150000 yearly

Senior Software Engineer

Crustdata

California,

Full Time

USD 150000 — USD 220000 yearly

Founding Recruiter

Giga

California,

Full Time

USD 110000 — USD 170000 yearly

Hardware Engineer

Makani Science

California,

Full Time

USD 65000 — USD 130000 yearly

Software Engineer

Solidroad

California,

Full Time

USD 170 — USD 220 yearly

Applied AI Engineer

Argon AI, Inc.

New York,

Full Time

USD 200000 — USD 300000 yearly

Account Executive

Conduit

California,

Full Time

USD 160000 yearly

Founding Recruiting Lead

Confido

New York,

Full Time

USD 155000 — USD 185000 yearly

Machine Learning Intern

Bindwell

California,

Internship

USD 80000 — USD 120000 yearly

Alfred Lee

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

Based in Malaysia

Work Experience Not Specified

Education Not Specified

beamstart.com

Also Mentioned


SoftBank

A Japanese multinational telecommunications and Internet corporation



Tencent

A world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world.

More Related Stories

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 - 2025 BEAMSTART. All Rights Reserved (Legal).