Founded in 2017 by Rupert Cruise and Phill Davies, Magway is a revolutionary e-commerce delivery system that helps to improve air quality and congestion by removing significant volumes of goods and the delivery vehicles that carry them, from highways and urban areas.
Recently, the company has secured over £1.5 million (approx €1.8 million) in private investment to fund the next stage of the British engineering company’s plans to revolutionise the UK’s freight and delivery market.
Based out of Wembley, the company raised the funding on the Crowcube platform from more than 2,200 investors in 66 countries surpassing the original target of £750,000 (approx €886,305).
Luke Lang, the co-founder at Crowdcube, adds:
Our investors are zoning in on who and what their money is supporting, focusing on purposeful initiatives that speak to their values. Magway is a fantastic example of a company that is developing ground-breaking technology designed to meet long-term sustainability goals; it’s no surprise that our community of investors want to support such an inspiring business model.
This figure is set to be boosted by additional grant funding from Innovate UK, the Government’s technology innovation agency. With international patents and finalists in Heathrow’s Innovation Award, Magway is also recognised as a Top 100 Global Startup.
The investment will fund plans to provide short delivery routes for airports, such as Heathrow and Stansted, to alleviate local freight traffic. Magway is already talking to several airports, as well as online retailers and logistics firms looking for a more sustainable, reliable, and ultimately affordable means of distribution.
Anna Daroy, Magway as Managing Director, said:
The response to our crowdfunding round has been incredible, doubling our original target. We could not ask for a better start to 2020. Our message is clear that 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. It’s a message that has hit home to our investors, and we’re delighted to have them on board to support Magway in its growth plans.
Main image picture credits: Magway
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