China’s truck-hailing company Manbang Group has received $1.9 billion of financial backing from investors including tech powerhouses SoftBank Group and Google’s parent company Alphabet, sources told the Wall Street Journal.
Manbang’s app allows shipment companies find truck drivers to transport their cargo, much as Uber connects passengers with nearby cabs. It has already garnered the support of Chinese tech giants Tencent and a private equity firm run by Alibaba’s Jack Ma.
The investment from Softbank and Alphabet will push Manbang’s valuation over $6 billion, far outstripping the company’s plans to raise up to $1 billion.