Over £500K raised for teenage racing driver who had double leg amputation (VIDEO)

Former Formula One world champion Jenson Button has pledged £15,000 ($19,200) to a 17-year-old driver who had a double leg amputation after a horror crash on Sunday.

Teen Formula 4 driver Billy Monger was involved in a high-speed crash at Donington Park in Derby, UK, on Sunday that saw him have amputations to both legs.

Gifted youngster Monger remained trapped in his vehicle for more than 90 minutes after the crash, which has been described as one of the most horrific motorsport has seen.

Footage from a camera on Monger’s car shows his vehicle plowing into the back of the car being driven by Finnish driver Patrik Pasma, which appeared to have stopped on the track.

He was taken to hospital where he was he remains in a "critical, but stable" condition, according to doctors.

Brit racer Button, who won the Formula One drivers’ title in 2009, took to Instagram to urge people to donate to a JustGiving page set up by Monger’s racing team JHR Developments.

The page originally aimed to raise £260,000 ($333,500) in aid of the young driver.

“Hey guys this fellow racer Billy Monger had a big shunt this past weekend at Donington and sadly Billy has had amputations to both legs,” Button posted on his Instagram account.

“This guy needs our help so if you can please donate, I will be doing as much as I can to help this dude out.

“The donations will be used to fund the care, treatments and therapies required by Billy in the immediate future and going forward, helping him to return to a full and active life,” he added.

The page aims to raise the money to help Monger beat his injuries and had gathered over £500,000 ($640,000) at the time of writing.

The page describes the young racer as “loved and admired by his team, fellow competitors, supporters and of course his devoted family.”

“We are in the process of establishing a Trust to receive, hold, manage and expend funds for Billy’s benefit. In the meantime you can help start the process by donating online,” the description adds.

“Donations will be used to fund the care, treatments and therapies required by Billy in the immediate future and going forward, helping him to return to a full and active life.”

Three-time world champion Lewis Hamilton also pledged his support to the fundraising efforts.

“I have only just seen the news of this tragic incident,” Hamilton tweeted to his 4.32 million followers, before adding, “Thoughts and prayers are with you and your family, Billy Monger.”