'Truck-based Uber' Chinese Startup Raises $1.7 Billion... Valued at $12 Billion

Full Truck Alliance Value Rises... Connecting 1 Million Merchants and Truck Drivers

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Chinese startup Full Truck Alliance, known as the "Uber of the truck industry," has raised $1.7 billion from investors, Bloomberg reported on the 23rd (local time).

According to the report, Full Truck Alliance, led by SoftBank, received support from SoftBank as well as Tencent Holdings, Sequoia, Fidelity International, and Femira.

An insider familiar with the matter stated, "After the fundraising, Full Truck Alliance is valued at $12 billion."

Full Truck Alliance, China's largest online truck delivery company and truck-sharing platform, was formed in 2017 through the merger of Huochebang and Yunmanman. It earns revenue by connecting about one million truck drivers and merchants, most of whom are self-employed, and charging commissions.

At one point, Full Truck Alliance failed to meet its fundraising target, raising concerns that the investment boom in Chinese unicorn companies might be fading. However, with cities across China reopening after the COVID-19 pandemic, trade has increased, and logistics demand appears to be recovering.

Full Truck Alliance is also reportedly pursuing entry into the autonomous truck sector.