Magway, a UK-based startup offers a sustainable transport solution that moves goods through small pipes, has successfully raised more than 1 million through its equity crowdfunding campaign on Crowdcube. The funding round was launched last month, originally seeking 750,000 in funding. It has already attracted nearly 1400 investors.
As previously reported, Magway stated it has formulated an 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 the 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 added 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 campaign will close at the end of January.
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