Full Truck Alliance is a truck-hailing platform formed by a 2017 merger between Yunmanman and Huochebang that connects drivers with truck owners and their mutual clients. The company has over 10 million registered truck drivers and over 5 million truck owners on its platform. It raised $1.7 billion in a new funding round that valued the business at nearly $12 billion. The fundraising was led by SoftBank's Vision Fund, Sequoia Capital, Permira and Fidelity, with existing investors including All-Stars Investment, GGV Capital, Hillhouse Capital Group, Tencent Holding and Yunfeng Capital also participating. The company said it will use the funds for technology, service and business-model innovations and is planning an offshore IPO as early as next year, likely in New York. The Chinese on-demand logistics market is crowded, with rivals Manbang, Huolala and Kuaigou and Didi expanding into van logistics.

Total raised

$1.7B

Funding rounds

1

Latest round

Equity

Latest activity

Nov 2020