Investor Profile: Wellcome Trust — Thesis, Cheque Size & How to Apply

Wellcome Trust is one of the world's largest charitable foundations dedicated to health research. Founded in London in 1936 under the will of pharmaceutical entrepreneur Sir Henry Wellcome, it funds science aimed at solving urgent health challenges. For founders and researchers working on health, understanding how to get funding from Wellcome Trust starts with one distinction: this is grant funding for research, not equity investment in a startup.

Thesis

Wellcome's stated aim is to support science to solve the urgent health challenges facing everyone. Its work is organised around open Discovery Research plus three strategic priority areas: Mental Health, Infectious Disease, and Climate and Health. The foundation backs ideas from basic discovery through to work with clear health impact.

Sectors and stages

Wellcome funds research across disciplines, including science, technology, engineering and mathematics, experimental medicine, humanities and social science, clinical and allied health sciences, and public health, provided the work has the potential to improve human life, health and wellbeing. It funds researchers at successive career stages, individually and in teams.

Fund size and cheque size

Wellcome is funded from its own investment endowment, reported at £37.6 billion in 2025. It does not operate like a venture fund with a fixed fund size, so a single fund figure is not publicly disclosed in that sense. For its Discovery Awards, the average award is £3.5 million, with applications above £5 million subject to additional scrutiny, and awards can run for up to 8 years.

Notable portfolio

Wellcome does not hold a startup portfolio. Its equivalent track record is funded research and research infrastructure. Its Discovery Research Platforms programme funds eight new platforms tackling barriers in fields from infection to medical humanities, including a £73 million programme reported by the University of Oxford, whose platform addresses value disagreements in ethics and health. A University of Cape Town infection platform received £9 million over seven years.

Partners and team

Wellcome is led by chief executive Dr John-Arne Røttingen, in post since January 2024, and chaired by Julia Gillard. A Board of Governors oversees the mission, with Wellcome Trust Limited acting as sole trustee. Funding decisions are made through competitive, peer-reviewed schemes rather than through partner-led deal sourcing.

Programs, credits and perks

Wellcome's core programmes are its Early-Career Awards, Career Development Awards and Discovery Awards, alongside themed calls in mental health, infectious disease and climate and health. It also runs the Discovery Research Platforms programme and a Public Engagement Fund. There is no startup credits package; the value is long, well-funded research support.

How to apply for funding

Applications are made through Wellcome's funding pages, with each opportunity carrying its own eligibility rules and deadlines. Discovery Research schemes are open to administering organisations in the UK and the Republic of Ireland and in low- or middle-income countries, except mainland China and India, and applicants must be not-for-profit organisations able to sign Wellcome's grant conditions. Note an announced change: from 29 October 2026, lead applicants must be based in the UK or in low- and middle-income countries in Africa, South Asia and South-east Asia, so check the live eligibility page before applying. Wellcome does not fund activities in mainland China or applications from the tobacco industry.