A group of tech billionaires is funding ‘fast grants’ of $10,000 to $500,000 for Covid-19 research, with every grant decision made in under 48 hours

With coronavirus continues to spread around the world, the race is on among scientists and researchers to find cure for the deadly virus. However, science funding mechanisms are too slow in normal times and may be much too slow during the COVID-19 pandemic. Fast Grants is a new funding channel backed by a group of tech entrepreneurs and venture capitalists to provide the much needed funding for Covid-19 research.

Backed by Y-Combinator cofounder Paul Graham, billionaire entrepreneur brothers John and Patrick Collison, and venture capitalist Reid Hoffman, among other entrepreneurs and VCs, Fast Grants promises “Fast Grants” of $10,000 to $500,000 that will help researchers focusing on coronavirus prevention and treatment.  The grants will be administered by George Mason University’s Emergent Ventures. Other backers include Fiona McKean and Tobias Lütke, Yuri and Julia Milner, and Chris and Crystal Sacca.

“If you are a scientist at an academic institution currently working on a COVID-19 related project and in need of funding, we invite you to apply for a Fast Grant. Fast grants are $10k to $500k and decisions are made in under 48 hours. If we approve the grant, you’ll receive payment as quickly as your university can receive it,” a message on the site says.

To qualify for the fund, you must be: A PI at an academic institution, already working on a project that could help with the COVID-19 pandemic within the next six months, and in need of additional funding to complete the project.

Paul Graham also shared the news on Twitter. He said: “Need funding for your Covid-19 research? Apply online and get an answer within 48 hours.”

Need funding for your Covid-19 research? Apply online and get an answer within 48 hours.https://t.co/DilOMHViIB

— Paul Graham (@paulg) April 7, 2020

If you are an interested funder, please reach out: fund@fastgrants.org.