Manbang (Full Truck Alliance), the largest logistics startup in China and the world, announced its new investment this week. Manbang has raised $1.7 Billion in this investment round. According to Bloomberg sources, the valuation of the company with this investment has exceeded 12 billion dollars.
With a business model similar to UBER, Manbang brings together cargo owners and truckers on its digital platform, offers financial solutions to truckers, and allows trucks to be rented instantly via the platform. Full Truck Alliance, which has 10 million truckers and 5 million freight members, is the world’s largest digital platform in this category with this portfolio.
In addition to Softbank’s Vision Fund, the last investment round; Sequoia, Permira, Fidelity Investment and existing inside investors Hillhouse, Jiyuan, Lightspeed, Yunfeng Capital, Xianghe, Baillie Gifford, All-Stars Investment, CMC Capital, Tencent also participated.
Manbang is one of the largest startups invested by Softbank, the world’s largest startup investor.
Manbang, which started to make a profit in the middle of 2019, experienced decreases in business volume with the introduction of restrictions in cities with the Pandemic in 2020. Manbang CEO Zhang Hui recently told local media that they are “in no hurry to go public”. With this fresh fund, the group aims to renew its technological infrastructure, invest in R&D and Artificial Intelligence, and expand its operations from door to door.
According to Dealogic Data, in China, where technology investments are highly valued, the total amount of investment in startups has passed 107.2 billion dollars since January 2020.