Full Truck Alliance Group, operator of China's rapidly expanding road haulage transportation platform, said a group of investors agreed to back it with a total of $1.9 billion. The update released on Tuesday lands the valuation of the firm also known as Manbang Group, which runs a truck-hailing application, at $6.5 billion. The latest round was led by Softbank Group Corp.'s Vision Fund.
Alphabet Inc.'s CapitalG, formerly Google Capital, participated in the transaction, according to the statement. Tencent Holdings Ltd. and Sequoia Capital Llc are said to be among the existing investors which joined, while the list also includes China Reform Fund, Ward Ferry Management Ltd. and GSR Ventures. Manbang's system is designed to connect shippers with truck drivers.
