Magway, a UK-based startup offers a sustainable transport solution that moves goods through small pipes, is set to close its equity crowdfunding campaign on Crowdcube with more than £1.5 million secured. The funding round was launched last month, originally seeking £750,000 and has attracted over 2200 Crowdcube investors.
“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 also revealed that it has already raised over £1 million in seed and grant funding to develop integrated drive technology and two demonstrator tracks at its test facility in North Wembley. Funds from the Crowdcube round will be used to accelerate development, build the team, and register further patents.
Magway is currently offering 6.48% in equity at a £22,500,000 pre-money valuation. The campaign will close later this evening.
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