'privately-funded' originates from the combination of 'private' and 'funded', where 'private' means 'not public' and 'funded' means 'provided with financial resources'.

'privately-funded' evolved from the concept of private funding, which has been in use since the 19th century to describe non-governmental financial support.

Initially, it meant 'financially supported by private means', and this meaning has largely remained the same in modern usage.