Wellcome Trust

Wellcome Trust is a globally renowned charitable foundation based in London, United Kingdom, dedicated to improving human and animal health by supporting groundbreaking research. Established in 1936, its mission is to tackle urgent health challenges, foster open science, and ensure that research discoveries translate into real-world benefits. Unlike a traditional venture capital firm, Wellcome Trust primarily operates as a grant-making body, funding a vast array of scientific and medical research projects across the globe.

The foundation's funding mechanisms are diverse, ranging from early-stage exploratory grants to large-scale, multi-year programs. For instance, their "Innovator Awards" can provide up to £4 million (approximately $5 million USD) for projects aimed at developing new healthcare interventions, while "Seed Awards in Science" offer smaller grants, typically up to £100,000 (around $125,000 USD), for novel research ideas. These funds are provided as grants, not equity investments, reflecting Wellcome's charitable mandate to advance knowledge and public good rather than seek financial returns from startups.

Wellcome Trust manages a substantial endowment, which stood at approximately £37.8 billion (around $47.5 billion USD) as of September 2023. This endowment is managed by Wellcome Trust Investments, which allocates capital across various asset classes, including private equity and venture capital funds. While they invest into these funds, they do not typically make direct "first cheque" equity investments in early-stage companies in the manner of a traditional venture capital firm. Their charitable spending on grants and initiatives exceeded £1.2 billion (approximately $1.5 billion USD) in the 2022/23 financial year, underscoring their significant philanthropic impact on global health research.