SoftBank Leads USD 1.9 Bln Funding of Truck-hailing Firm Manbang
Sina Tech, 4/24/18
Chinese truck-hailing company Manbang Group announced today the completion of the first round of funding since its creation through a merger of trucking logistics service companies Huochebang and Yunmanman. The USD 1.9 bln round was jointly led by China Reform Corporation's China Reform Fund and Softbank Vision Fund with participation from an array of domestic and international institutional investors including CapitalG, Farallon Capital, Baillie Gifford, Ward Ferry, K11, Riverhead Capital, GSR Ventures, and ABC International. Previous stakeholders, including Sequoia Capital, Chinese internet conglomerate Tencent (0700.HK), Lightspeed China Partners, All-Stars Investment, Eastern Bell Venture Capital, Hillhouse Capital Management, Genesis Capital, Xianghe Capital, and Granite Global Ventures, also participated.
Manbang launched an online cargo fee trading platform in 2018, which has already posted single-month GMV of RMB 9-digits. Manbang provides truck drivers with one-stop services, covering areas such as fueling, electronic toll collection, new vehicles, financing, insurance, and campuses.
Manbang currently covers 5.2 mln trucks on China's arterials, 1.25 mln logistics companies, and highway carriage daily turnover of 1.359 bln ton-kilometers.
Editor's Note: For more information on this topic, please see Rumor: SoftBank Mulls USD 1 Bln Funding in Truck-hailing Firm Manbang, MD 3/27/18 issue.
Keywords: China Reform Fund China Reform Corporation CapitalG Ward Ferry ABC International funding wireless Tencent GSR Ventures Sequoia Capital 0700.HK logistics Hillhouse Capital Yunmanman All-Stars Investment Eastern Bell Venture Capital Riverhead Capital Baillie Gifford Xianghe Capital Genesis Capital Huochebang Farallon Manbang K11 VC LightSpeed Venture Partners GGV Capital truck hire app
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