Baidu Capital Said to Lead Funding for Chinese Truck App
- Huochebang said to raise $156 million in fundraising
- Chinaese transport startup said to be seeking more funding
Cars drive on a Shenzhen Expressway Co. highway in Shenzhen, Guangdong Province, China, on March 31, 2006.
Photographer: Danfung Dennis/BloombergTruck Alliance Inc., an Uber-type service for trucks in China known as Huochebang, is near an agreement to raise about $156 million, people familiar with the matter said.
The investment will be led by Baidu Capital, the investment arm of China’s largest search engine, and could be announced as soon as this week, said the people, who asked not to be identified because the matter is private. The infusion comes on the heels of a $115 million fundraising in December, which pushed Huochebang’s valuation to about $1 billion. The investments are both part of the startup’s B round of funding and it is close to raising a third tranche, the people said.