SoftBank-led financing values Uber-like truck startup at US$12 billion
FULL Truck Alliance has raised US$1
FULL Truck Alliance has raised US$1.7 billion from investors including Tokyo-based SoftBank and Shenzhen-based Tencent, a major cash infusion for the Uber-like trucking startup ahead of a potential initial public offering, reports Bloomberg.
SoftBank's Vision Fund, Sequoia, Fidelity International and Permira led the round of funding, the startup said in a statement. It valued the Chinese company at about $12 billion after investment, a person familiar with the deal said. Other investors included Jack Ma's Yunfeng Capital, Hillhouse, GGV, Lightspeed, All-Stars Investment and Baillie Gifford.
The startup aims to use the cash to expand into same-city deliveries, deepening a network now focused on ferrying goods between urban centres. Formed by a merger between China's two largest truck-sharing platforms - Huochebang and Yunmanman - Full Truck Alliance has attracted a big roster of backers including Alphabet's Capital.
The latest financing, which was earlier reported by the Wall Street Journal, almost matched the $1.9 billion raised in 2018 at a valuation of about $6 billion. The startup didn't disclose its valuation Tuesday.
Full Truck Alliance, known as Man bang in Chinese, said it handles transactions for some 10 million truckers and five million shippers. It's also expanding into automotive technology and backs autonomous trucking startup Plus.AI.