Magway, a UK-based startup offers a sustainable transport solution that moves goods through small pipes, has secured its initial £750,000 through its equity crowdfunding round on Crowdcube. Founded in 2017, Magway stated it has formulated a e-commerce delivery system that reduces congestion and pollution by eliminating delivery vans highways and urban areas. The company further explained:
“The explosive growth in online shopping has outpaced development of delivery methods. A change is urgently needed to address the negative environmental impact from the ever increasing volume of goods vehicles. Combining tried & tested technology and its own international patents, Magway has developed a sustainable solution with impact. The vehicles fit in small-diameter pipes. It’s been designed to improve air quality and congestion and plans to require low capital investment. Furthermore it is secure, independent of weather and driver error, and aims to offer considerable savings compared to current modes of transport.”
Magway plans to generate revenues by:
- providing secure goods handling solutions for airports
- transforming delivery in urban centers in the UK
- expanding internationally.
Magway also noted that it has already raised more than £1 million in seed and grant funding to develop integrated drive technology and two demonstrator tracks at its test facility in North Wembley. The company went on to add:
“These additional funds, potentially supplemented by further grants, will be used to accelerate development, build the team and register further patents.”
The campaign is currently set to close at the beginning of February,
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!