Magway, a British sustainable delivery company, has closed out its Crowdcube funding round at £1.5 million, twice more than its target.
The startup is engineering a transport solution that moves goods through underground pipes, in an effort to mitigate the traffic and air pollution spurred by trade and online shopping.
“We want to create a more sustainable and cleaner mode of transport for our roads that are under pressure and not fit for the forecast growth in traffic, for both freight and e-commerce deliveries,” said Anna Daroy, managing director of Magway.
Led by veterans in transport and infrastructure planning, with a team of young engineers developing its ambitious approach, Magway has already secured international patents.
The plan is to begin with short delivery routes for London airports, such as Heathrow and Stansted — and then move on to many other airports, online retailers, and logistics firms who seek a more sustainable means of distribution. Construction of a wider UK network of pipes, spanning hundreds of kilometres, is expected to start in 2023.
The crowdfunding campaign, which included 2,200 investors from 66 countries, will be supplemented with grant funding from Innovate UK, a governmental technology agency.