Deals
Vertical Aerospace Gets New Funding From Founder Fitzpatrick
- Company otherwise risked running out of cash by September
- Shares up 7% premarket as company secures funds until Q2 2025
A Vertical Aerospace VX4 eVTOL flying taxi at the Farnborough International Airshow in Farnborough, UK, in 2022.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Vertical Aerospace Ltd. has secured $50 million in fresh funding from founder Stephen Fitzpatrick, a cash injection that will prevent the flying taxi firm from running out of money later this year.
Fitzpatrick will provide a first $25 million tranche in March, which would value the company at $10 a share, well above the current market price, according to a statement that confirmed an earlier report by Bloomberg News. The remainder will come by the end of July, with the pricing still to be decided and the amount dependent on how much outside capital the firm is able to raise.