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Chinese Uber-type truck service reaches $1B valuation

Huochebang, an Uber-type service for trucks in China, raised around $115 million in its latest funding round for a valuation of $1 billion, Bloomberg reported Dec. 22.

Formally known as Truck Alliance Inc., the startup is backed by Tencent Holdings Ltd. and investment management firm Hillhouse Capital Group Ltd.

It reportedly saw new investors International Finance Corp. and All-Stars Investment Ltd. join the funding round. Tencent, Genesis Capital LLC and DCM Ventures also took part.

The truck-ordering service coordinates 2.3 million trucks across China and takes as many as 100,000 transport orders daily, according to the report.