Vertical Aerospace has secured new funding from its founder Stephen Fitzpatrick, who will invest $50 million to ensure that the flying taxi firm will still have cash until later this year. 

Vertical Aerospace Founder Stephen Fitzpatrick to Provide $25 Million in March

According to Fortune, Stephen Fitzpatrick is set to provide an initial $25 million tranche of funding in March, which will put the company's value at $10 per share, well above the current market price. 

The remaining funds are expected by the end of July, with pricing yet to be determined and the amount dependent on how much outside capital the company can raise.

Fortune reported that Fitzpatrick expressed confidence in his decision to double his investment in the flying taxi firm, saying, "I see a huge opportunity. Of course, like every technological development, there are execution risks, but I really believe in the team that we've built. I believe in the progress that we've made, and I'm putting my money where my mouth is."

The fresh injection of funds comes at a crucial juncture for Vertical Aerospace, as failure to secure additional funding would have led to a depletion of its cash reserves by September, as projected last year. 

Earlier talks with investors for a new financing round fell apart due to Fitzpatrick's concerns that his holding would be diluted too much at the present share price.

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Vertical Aerospace Applying to Get eVTOL Certification

Vertical Aerospace, which is applying to get an electric vertical take-off and landing vehicle (eVTOL) certified for passenger service, encountered challenges with its VX4 prototype crash in August and failure to meet its target to raise new funding by December.

Stephen Fitzpatrick's investment aims to support the company until Q2 2025, facilitating future funding rounds at better valuations. The agreement holds strategic importance as Vertical Aerospace progresses with its second-gen VX4 prototype.

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