July 27, 2017

Truck Alliance Raises $156 Million

China’s Uber-type service for trucks Guiyang Huochebang Technology Co Ltd, also known as the Truck Alliance, said on Tuesday that it had raised $156 million in series B-2 funding, led by Baidu Capital, the investment arm of Baidu Inc, the country’s largest search engine.

Chinese investment firm All-Stars Investment Ltd, which led the $115 million series B-1 round of funding in December, and existing investors, also participated in the latest fundraising. Moreover, a B-3 round of financing is expected to be completed soon.

So far, Guizhou-based Huochebang has raised more than $270 million in series B funding, with its valuation reaching more than $1 billion, setting a new record in online logistics platform investment.

The deal marks the second investment that Baidu Capital has made since it was established in October. In March, it jointly led a $600 million round of financing in electric vehicle startup NextEV.

Huochebang said the funding will be used to expand its truck service business and number of users, increase the technological input and attract talent, as well as expand the use of electronic toll charge cards.

Founded in 2011, Huochebang, backed by internet giant Tencent Holdings Ltd, uses big data technology to help truck drivers find commodities to […]

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