China's Uber for trucks Manbang announced Tuesday that it raised $ 1.7 billion in its most recent round of funding, two years after collecting $ 1.9 billion from investors like SoftBank Group and Alphabet's venture capital fund CapitalG Inc. had raised.
The news came fresh from a Wall Street Journal report two weeks ago that Manbang was looking for $ 1 billion before going public next year. The company declined to comment on the matter, despite its CEO Zhang Hui saying in May 2019 that the company was "in no rush" to go public.
Manbang said it had reached profitability this year. The valuation was reportedly on track to hit $ 10 billion in 2018.
The company, which runs an app for truck drivers and dealers who move cargo and provides financial services to truck drivers, was formed in 2017 from a merger of rivals Yunmanman and Huochebang, Shakeup.
The latest funding once again attracted high profile financiers, including returning investors SoftBank Vision Fund and Sequoia Capital China, Permira and Fidelity, a consortium that jointly led the round. Other participants were Hillhouse Capital, GGV Capital, Lightspeed China Partners, Tencent, Jack Ma & # 39; s YF Capital and others.
The company has other Alibaba relationships. Its CEO Zhang, who founded Yunmanman, came from Alibaba's famous B2B department, which was also where Manbang's chairman, Wang Gang, worked before funding hail giant Didi's angel group.
Manbang claims its platform has over 10 million verified drivers and 5 million cargo owners. With the latest funds, the company can continue to invest in research and development, improve its matching system and expand its service capacity to functions such as door-to-door transportation.
Sequoia is quite optimistic about truck hail when it made its sixth investment in Manbang. For Permira, a European private equity fund, the investment in Manbang marked the China debut of its Growth Opportunities Fund.