British startup Magway has opened a new phase of funding for its sustainable delivery system, which has been designed to transport online customer orders through a network of underground pipes.
Magway aims to raise over £750,000 (US$972,000) via the UK’s leading crowdfunding site, Crowdcube. The money raised will be used to advance the commercial roll-out of Magway’s pipe network, as well as further IP registration and the expansion of its core team.
According to Magway, the new solution is the most game-changing goods and parcel transportation system in the world. The underground pipe network will significantly reduce air pollution, accidents and congestion caused by the millions of vans and articulated lorries on our roads annually, as they deliver billions of parcels of goods to consumers purchased online.
Almost £1.5m (US$1.9m) of seed funding and grants has been received by the company since it was founded in 2017, including £650,000 (US$842,000) secured from Innovate UK, the UK government’s technology innovation agency.
Rupert Cruise, co-founder and managing director of Magway, said, “This funding round will take the development work that we’ve already completed to the next level of a commercial pilot and move the UK closer to providing a lower carbon, less congested and safer transport infrastructure.”
Magway will initially provide short delivery routes to alleviate the stress on local freight traffic traveling in and out of major airport hubs such as London Heathrow. Following this, construction work will commence around 2023 on the first of its longer routes of up to 100km that will ultimately form a network of delivery pipes connecting the UK.
To find out more about the new underground delivery system, watch this video.
