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China Largest Truck Hailing Platform Manbang Raises $2.5 Billion from Softbank and Alphabet

China Largest Truck Hailing Platform Manbang Raises $2.5 Billion from Softbank and Alphabet

China’s largest truck hailing platform Manbang, has raised $2.5 billion from leading investors including Softbank and Alphabet, giving the company a valuation of around $6 Billion.  The $2.5 Billion investment is led by leading global technology companies, sovereign wealth funds, private equity and venture capital firms, including Softbank’s Vision Fund, Alphabet venture capital unit CapitalG, Saudi Arabia’s sovereign wealth fund, China Reform Fund, Ward Ferry, Farallon Capital, Tencent, Sequoia Capital China and GVC Capital.

” China Largest Truck Hailing Platform Manbang Raises $2.5 Billion from Softbank and Alphabet ”

Manbang, China’s largest truck hailing platform and also known as the “Uber for Trucks” in China, connects truck drivers with shippers.  The platform also provides an after-service platform which covers truck fuel, auto insurance, auto financing and other services.  Today, China’s largest truck hailing platform has over 5.2 million truck members and 1.25 million logistics company members.

Manbang was founded in 2017 with the merger of Yunmanman and Huochebang.  Yunmanman is backed by Sequoia Capital and Yunfeng Capital, a private equity firm co-founded by Jack Ma, founder of Alibaba. Wang Gang, the Chairman and CEO of Manbang, is an angel investor in Didi Chuxing, China’s largest ride-hailing technology company.

Source: Reuters, Yunmanman

 

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