Chinese truck-hailing app Manbang is looking to raise $1 billion in a new funding round, sources told the Wall Street Journal.
Manbang – also known as Full Truck Alliance Group – is a platform that connects merchants looking to transport cargo with available truck drivers. It has been nicknamed China’s “uber for trucks” and has attracted the previous backing of the likes of SoftBank and Alphabet Inc.
The funds raised will go towards expanding Manbang’s China business, as well as potential domestic acquisitions in industries such as autonomous trucking, according to one source.
Should the new round be successful, the Guiyang-based company’s valuation will stand at $10 billion, shooting up from $6 billion following a previous fundraising round in April this year where it gathered $1.9 billion in investment.