The Foundation was founded in 2004 by means of a donation from Trond Mohn. In the years to come, the capital of the foundation has increased significantly, primarily as a result of new gifts from Trond Mohn, Marit Mohn and Frederik Mohn, and due to the merge of the three foundations; the Bergen Research Foundation, the Bergen Medical Research Foundation and the Frank Mohns Foundation, in 2014. Bergen Research Foundation changed name to Trond Mohn Foundation on 1 January 2019.