Magway launches new Crowcube funding round

Zero-emission parcel delivery specialist Magway Limited has today launched its latest round of Crowdcube fundraising through which is seeking investment of £750,000.

Based in Wembley, London, Magway had developed a system that uses electric powered linear motor and control technology to carry freight at speed via pipes using magnetic waves.

In a statement sent to Post&Parcel, John Hughes, Executive Chairman, Magway, said: “If we are to successfully fight climate change, we must continue building a movement of likeminded people who want to help create a greener, better world. That is why we are now offering you the opportunity to join us on our mission with Crowdcube.

“Four years since Magway first launched, our vision of revolutionising parcel delivery is now a reality. This round of investment will cement the next stage of our growth and accelerate commercial expansion.”

Magway said that it has generated over £1 million in revenue since Q2 2021 and it currently has a sale pipeline with risk-weighted contracts valued at £98 million.

Hughes continued: “We are so thankful to those who backed us from the start and have joined us on our mission of fighting climate change while delivering goods. If you are looking to become a green investor and want to back a fast-growing business that is set to disrupt the deliveries and ecommerce industries, then now is your chance.”