The investment comes after the Chinese truck-hailing firm announced profitability.
Truck
The USD 1.7 billion round was jointly led by the SoftBank Vision Fund, Sequoia Capital Pumi and Fidelity, followed by Hillhouse Capital, GGV Capital, Lightspeed Capital, YF Capital, Xianghe Capital, Baillie Gifford, CMC, Tencent, and other existing shareholders.
The massive funds raised will be invested in technological, service and model innovation.
Manbang, the largest Chinese truck logistics unicorn, is a merged company formed from Yunmanman and Huochebang; it provides truck-hailing services across the country. Like Uber, it acts as a middleman, connecting service providers to customers throughout the vast, freight-hungry economy.
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