The Chipping Campden School pupils were on their way home when they collided near Shipston-on-Stour, Warwickshire, on Friday.
Harry Purcell, 17, and Matilda Seccombe, 16, died in hospital shortly afterward. Frank Wormald, sixteen, died on Sunday. A fourth boy gets hospitalised.
Within 14 hours of the fundraiser’s inception, about £45,000 had already been given.
The fourth individual in the car, Edward Spencer, 17, who was identified by the school’s principal, is still in stable condition, according to Warwickshire Police.
A friend and former student from the teenagers’ Gloucestershire school started the online fundraiser. Classmates intend to run the Oxford Half Marathon on October 15 in memory of the crash fatalities.
Proceeds from the charity challenge will benefit the Midlands Air Ambulance service.
The event’s organiser stated: “Us three teenagers will do everything we can to help this service save as many lives as possible so close communities like ours don’t have to suffer with loss.”
According to Emma Wood, head of fundraising and engagement at the air ambulance charity, the response has been “really heart-warming”.
She went further: “It is so incredibly kind of them to think of us at this difficult and sad time, we’d like to thank them for their support of our service.”
Friends of the teenagers have paid tribute to them on the fundraising page.
“Harry always told me to keep on running so that is what we’re doing, I will miss him so much, I loved him with my whole heart,” one of the participants said.
Paying tribute to Frank Wormald, a family friend remembered his “cheeky but always respectful” demeanour.
In a letter to parents, school principal John Sanderson said the school flag would fly at half mast.
“There are no words that I can find to express the sense of loss that we feel,” he said.
The four teenagers had been travelling home from school in a Ford Fiesta when they were involved in a collision with a Fiat 500 on the B4035 Campden Road at about 16:10 BST.
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Emmanulla Jacob