Magway, the British engineering startup which plans to revolutionize the UK’s freight delivery market with its sustainable network of underground pipes, has exceeded its initial £750,000 (US$887,000) crowdfunding target.
Magway has surpassed the £1m (US$1.3m) mark and has to date attracted over 1,700 investors willing to back the UK’s first underground e-commerce delivery network. The Crowdcube investment opportunity closes at the end of January. Almost 45% of Magway’s Crowdcube investors are between 18 and 30 years old, an indication of how younger generations of Gen Z and millennials have become more environmentally aware. Recent research from Kantar supports this trend and reveals that almost 90% of consumers agree that companies need to take more responsibility for the impact they have on the environment, while those most concerned about pollution and the issue of global warming are 16-24 years of age.
Managing director of Magway, Anna Daroy, said, “We’ve been overwhelmed by the response to our crowdfunding campaign. It shows that people, particularly younger generations, are prepared to back innovative businesses, such as Magway, in their drive to change existing, outdated modes of transportation, and in doing so, help improve air quality and the wider environment.” Magway plans to initially provide short delivery routes for airports such as Heathrow and Stansted, helping to alleviate freight traffic. Construction of a wider UK network of pipes spanning hundreds of kilometers is expected to start in 2023.
Watch a video of the Magway solution in action here.
