US$1.7b for smart cargo transport platform
The logo and QR code of Full Truck Alliance
China’s major ground transport online platform Full Truck Alliance has received a new round of investments totaling US$1.7 billion, the company announced on Tuesday.
The world's leading intelligent platform for cargo transport, dubbed the “Uber for cargo trucks,” helps match truck drivers with shippers to increase the efficiency of China's logistics sector with Internet and big data technologies. The platform has over 10 million registered drivers and some 5 million shippers.
The latest round of investment came from Vision Fund, Sequoia, Permira and Fidelity as well as shareholders such as Lightspeed China and Tencent.
The money will be spent on scientific, service and model innovations to improve the smart matchup system as well as expand the ground transport network, Full Truck Alliance said.
The platform has largely enhanced the overall efficiency of China’s logistics industry with the Internet innovation, said Herry Han, founding partner of venture capital fund Lightspeed China, which made its seventh investment in the company.
“The cost reductions and improved efficiency of the supply chains are key to China’s dual circulation economic development strategy,” Han said.
