Diaspora, the social networking site being developed by students at New York University, has raised more than $200,000 via the online fund raising site Kickstarter.
The students had originally given themselves 39 days to raise $10,000. Instead, the team has gathered $200,642 from nearly 6,500 sources.
With Facebook's privacy setting coming under criticism, this new project is aiming for simpler and more liberal privacy settings.
With all this money at their disposal, the team plans to prepare code for the project's launch in two months' time.
Max Salzberg, one of Diaspora's founders, stated: “We are going after the idea there are all these centralised services where people are giving up their personal information. We want to put users back in control of what they share."
Diaspora hopes to challenge Facebook by providing users with the ability to choose the way their private information is shared on the platform, something Facebook has been struggling to offer.