The truck delivery management service is now valued at almost $12bn, having raised money in a round co-led by SoftBank Vision fund and backed by Tencent.

Telecommunications and internet group SoftBank’s Vision Fund has co-led a $1.7bn funding round for Manbang Group, the China-based trucking services provider also known as Full Truck Alliance, Reuters reported today.

The round was co-led with investment and financial services group Fidelity, Permira’s Growth Opportunities Fund and Sequoia Capital China. It included internet group Tencent, Hillhouse Capital, GGV Capital, Lightspeed China Partners and YF Capital and valued the company at almost $12bn.

Manbang operates an app-based service that uses artificial intelligence…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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