Think of Manbang as China’s Uber for trucks.
On Tuesday, China’s truck hailing service platform Manbang stated, investors, including Alphabet Inc’s venture capital fund CapitalG and Japan’s Softbank Group have funneled in $1.9 billion in its new funding round.
Formally known as the Full Truck Alliance Group, Manbang stated the funding round was led SoftBank’s Vision Fund and included state-backed private equity firm China Reform Fund and Ward Ferry, a Hong Kong-based investment firm.
The company plans on deploying these new funds to grow new new business areas and markets.
Incidentally, 5.2 million out of China’s 7 million trunk line trucks are members of the Full Truck Alliance, said Manbang.
Oftern described as China’s “Uber for trucks”, Manbang allows shippers to connect with truck drivers, tapping into demand for haulage in one of the world’s busiest markets for goods transport.
In a statement, Manbang’s CEO Wang Gang stated the firm would use its newly acquired funds “to recruit talent”, as well as make acquisitions if the opportunity presents itself.
“The deal has brought Manbang’s development into a new stage,” said Wang. He went on to add, it would help the firm “become the world’s largest platform in terms of transportation capacity.”