Magway, a zero-emissions goods delivery system on “a mission to help the world meet net-zero targets by 2050,” has secured 120% (£904,034) of its £750,000 target via Crowdcube from 821 investors (at the time of writing) with 11 days left in its crowdfunding campaign.
Recognized as a future unicorn and generating revenue from “signed commercial contracts,” Magway is “looking to accelerate its growth and scale its technology and team.” Based in the UK, the firm is reporting a £70,000,000 pre-money valuation, 1.28% Equity, a £0.48 share price, EIS.
Here are the business highlights shared by the company:
- Generated over £1m in revenue from commercial contract since Q2 2021
- Developed a working vertical and switch track prototype, enabling wider adoption potential
- Trebled team, expanding design, automation and logistics expertise
- Team appeared on panels at COP26, featured on BBC News, The Sunday Times, City AM
Magway is “a sustainable, energy efficient, completely trackable, super secure, delivery system which gives you what you want, when you want it, timing deliveries down to the very second.”
As noted in the update, air pollution is “the top environmental risk to human health in the UK. Road transport accounted for 27% of domestic UK CO2 emissions in 2019, making it the largest single contributor.” As parcel volumes surge to an estimated 8.5bn in the UK by 2026, HGVs and vans are “the fastest-growing sub-segment representing 35% of these emissions.”
The firm also noted:
“Magway aims to be a sustainable & efficient delivery system. Our goal is to enable faster, reliable, on-demand deliveries via individually controlled carriages through pipes, reducing vehicles on the road, resulting in less CO2, particulates & congestion.”
Since their last raise, your investments reportedly helped them to:
Commercial
- Commence commercial deployment for a Fortune Global 500 company
- Generate £1m+ revenue (YE Dec 21 rev of £1,079,852 with loss of £1,563,516)
Technology
- Complete horizontal, vertical & switching prototype sections of the system
- Expand the test facility
People
- 3x the team, expanding skills across automation, software, industrial design & logistics
- Appoint John Hughes as Executive Chairman
Validation
- The Magway team featured on panels at COP26
- Winner of ‘Future Unicorn’ award by Institution of Engineering & Technology
- Named one of the UK’s 50 fastest-growing start-ups by ‘Silicon Valley Comes 2 the UK’
You may now join them as they plan “to scale our team & tech, and accelerate our commercial expansion to help meet the UK’s net-zero targets.”
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