Vertical Aerospace founder missed funding deadline, Bloomberg reports

Vertical Aerospace is exploring alternative funding in order to continue the testing and development of its first model after founder Stephen Fitzpatrick missed a previously agreed deadline to inject a portion of cash he had promised, Siddharth Philip of Bloomberg report, citing people familiar with the matter. The company is in discussions with financiers and existing creditors about support in order to extend its cash runway through to next year, sources told Bloomberg. Without additional funding, Vertical risks running out of cash by March 2025, the people added. “Stephen remains fully supportive of the company,” Vertical said in a statement to Bloomberg. “We have a new, experienced corporate finance team on board, and we are continuing to lay the groundwork for our fundraising as we progress through our piloted flight test program.”