Thu. Jun 30th, 2022

The Chinese Uber for vans Manbang declared Tuesday that it has lifted $1.7 billion in its most recent funding spherical, two a long time right after it hauled in $1.9 billion from buyers including SoftBank Group and Alphabet Inc’s venture capital fund CapitalG.

The information came contemporary off a Wall Street Journal report two months ago that Manbang was trying to find $1 billion in advance of an first general public offering following calendar year. The company declined to comment on the subject, although its CEO Zhang Hui said in Could 2019 that the agency was “not in a rush” to go community.

Manbang stated it attained profitability this yr. Its valuation was reportedly on program to reach $10 billion in 2018.

The business, which runs an app matching truck motorists and merchants transporting cargo and supplies financial products and services to truckers, was fashioned from a merger between rivals Yunmanman and Huochebang in 2017. It was a time when China’s “sharing economy” fad started to see consolidation and shakeup.

The most up-to-date financing once again attracted high-profile backers, which include returning traders SoftBank Vision Fund and Sequoia Funds China, Permira and Fidelity, a consortium that co-led the spherical. Other contributors were being Hillhouse Funds, GGV Funds, Lightspeed China Partners, Tencent, Jack Ma’s YF Capital and extra.

The organization has other Alibaba ties. Its CEO Zhang, who started Yunmanman, hailed from Alibaba’s famed B2B department exactly where Manbang chairman Wang Gang also labored in advance of he went on to fund journey-hailing large Didi’s angel round.

Manbang promises its system has over 10 million verified motorists and 5 million cargo homeowners. The newest funding will allow it to more make investments in study and improvement, upgrade its matching procedure, and extend its assistance potential to capabilities like doorway-to-doorway transportation.

Sequoia is really bullish about truck-hailing as it created its sixth expenditure in Manbang. For Permira, a European private equity fund, the Manbang investment decision marked the China debut of its Development Chances Fund.

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