dukes &s; spencers is planning to raise $250 million in Series B financing led by Greylock Partners, the company announced on Tuesday.
The round is led by Fidelity Investments.
Dukes & Spencer is one of several start-ups seeking to capitalize on a market where demand for logistics services is growing and supply is growing at an alarming rate, according to Mark Schafer, senior portfolio manager at Fidelity.
The start-up has raised $5.5 million from several investors including Blackstone, Morgan Stanley and First Point Capital.
The business is expected to be operational by the end of 2021.