Manbang Group aims to raise $1bn to increase valuation to $10bn

The China-based company, Manbang Group, is aiming to raise $1bn in a new funding round, the Wall Street Journal reports.
It is anticipated that the funds raised will be invested in enhancing Manbang’s Chinese business, in addition to potential domestic purchases in industries such as autonomous trucking.
Manbang Group, which is a truck-hailing platform that connects drivers with shippers, was formed in November 2017 following the merger of Uber-like truck logistics unicorns Yunmanman and Huochebang.
Manbang also offers an after-service platform which includes truck fuel, auto insurance, auto financing and other services.
See more:
- BrewDog launches first bar in Asia with Seoul BrewPub debut
- China boosts record sales for Mercedes-Benz
- BCG names Neeraj Aggarwal as next regional chair for APAC
The company, which also goes by the name of Full Truck Alliance Group, has been described as being the Uber for trucks, according to China Money Network.
The firm currently has over 5.2mn truck members and 1.25mn logistics company members.
Previously, the firm has received investment from Japan’s SoftBank Group and US conglomerate Alphabet.
It was announced in April that Manbang had raised $1.9bn fund round which was fronted by Softbank Vision Fund and China Reform Fund.
The company’s valuation is set to rise to $10bn, a $6bn increase from its last raise, if the round is successful.
- Executive shakeup at L’Oreal China amid growing complexitiesLeadership & Strategy
- How Longi became the world’s leading solar tech manufacturerSustainability
- DHgate's Diane Wang – Microsoft exec to ecommerce pioneerLeadership & Strategy
- Top 10 best-performing family businesses in Hong KongCorporate Finance
Featured Articles
Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity
On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it
Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist