Full Truck Alliance nears US$1bn in fresh funding, targeting $9bn valuation

Full Truck Alliance Group, known as Manbang in its native China, is close to raising US$1bn in its latest funding round, Bloomberg reports
The firm, likened to an Uber for trucks, connects shippers with truck drivers in China where there is huge demand for haulage services.
Truck Alliance’s income is based largely on membership fees paid by customers, and the firm also takes a cut of driver charges.
Bloomberg said that this latest funding round is geared towards investing in growth and driverless technology, according to its sources.
See more:
There is a lot of interest in the industry for autonomous trucks, particularly as many long-haul journeys involve protracted stretches of uncomplicated road travel.
Bloomberg’s sources reportedly said that the firm had initially targeted a $10bn valuation, while the latest funding round could instead raise the company’s value to $9bn – an increase of 40%.
In a company statement released in August, Truck Alliance said that it currently serves 1.5mn paying customers with 5.2mn registered truck drivers.
Truck Alliance is incorporating technology which simplifies processes to maximise efficiency, with Bloomberg noting that the industry is notorious for having trucks that “stand empty for hours” while “drivers rely on typically chaotic service centers to find their next load.”

Featured Articles

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Pine Labs names former Amazon exec as chief people officer, Fortinet hires government affairs leader for APAC, McKinsey India poaches Accenture HR exec

Dialight envisions a world of industrial safety with LEDs

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Must-see speakers at TECH LIVE LONDON 2022 event

Technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force are among the 80-plus speakers at upcoming TECH LIVE LONDON

Vodafone Business cyber leader Kawalec speaks at Cyber LIVE

Leadership & Strategy

Twitter timeline – how Musk pulled off a hostile takeover

Leadership & Strategy

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

Leadership & Strategy