£2m backing for revolutionary start-up that's looking to deliver packages using underground tunnels
A tech start-up which is planning to build a network of underground tunnels to deliver packages across London has secured £1.5million in a crowd-funding campaign, more than double its target.
Magway more than doubled its crowdfunding target of £750,000 and has also secured a government grant of £650,000.
It will use the funds to build a 1.2-mile test track to pilot its revolutionary transportation technology, which propels small carriages along pipes at over 50 miles per hour using magnets.
Magway hopes to lay out its pipelines across London, eventually delivering 72,000 packages every hour - or 630 million a year - and reducing air pollution and congestion.
“We’ve been overwhelmed by the response to our crowdfunding campaign,” Magway’s managing director Anna Daroy said.
“It shows that people, particularly younger generations, are prepared to back innovative businesses, such as Magway, in their drive to change existing, out-dated modes of transportation.’ It’s hoped the network will be up and running within the next three years.”
Magway said it is talking to a number of airports, online retailers and logistics firms.
Construction of a wider UK network of pipes, spanning hundreds of kilometres, is expected to start in 2023. It was co-founded by Rupert Cruise, an engineer who has designed linear motor systems for Hyperloop and U.S. Navy aircraft carriers.