- General
- November 24, 2020
- 3 minutes read
Full Truck Alliance Scores $1.7B Round
Full Truck Alliance, a Chinese on-demand trucking startup, has said that it’s raised $1.7 billion in fresh funding led by the SoftBank…
Full Truck Alliance, a Chinese on-demand trucking startup, has said that it’s raised $1.7 billion in fresh funding led by the SoftBank Vision Fund, Sequoia Capital, Fidelity, and Permira, with participation from the likes of Tencent, GGV Capital, Hillhouse Capital, and Yunfeng Capital.
The new round brings the total amount of equity financing raised by Full Truck Alliance to over $4 billion, with Bloomberg News reporting that the round places Full Truck’s valuation at about $12 billion.
Full Truck Alliance, also known as Mangbang Group, is an on-demand trucking platform for the Chinese market. It’s akin to the popular Uber Freight in the US where customers can request truck drivers to transport their goods to desired locations via an app.
Full Truck currently has over 10 million registered truck drivers and over 5 million truck owners signed up on its platform. It competes with other notable names such as Huolala, Kauaigou, and the well-known ride-hailing company Didi.
Overall, Full Truck Alliance is one of the most funded startups in China. The company says it’ll its new capital to expand its product offerings and general business.
