We’ve completed our funding round for 2018, making the expansion targets we set out in our annual review.
For 2018, we raised $1.02m, of which we’ve already received $720,000.
$510,000 came from the Open Philanthropy Project, who renewed their 2017 grant. The remainder was mainly covered by 4 additional donors.
This is enough to cover our 2018 expansion budget, and end 2018 with over 6 months of runway.
We also expect to receive over $2 million in early 2019, so in total we raised over $3m during this round. This $2m would cover us for another 1-2 years, depending on how fast we expand. We expect all of our current donors to keep giving each year, so long as we have room for funding.
As of Dec 2017, we have received $3m income, so over our entire history we’ve raised about $6m.
Overall, we think our financial situation is stronger than ever, and we could have raised more if we had clear short-term needs.
Additional funding right now will let us accumulate more reserves. This year, we reduced our reserves target from 12 months of runway in Dec 2018 down to 6 months if we follow our expansion budget trajectory. This was to help free up capital in the community. However, we think it’s useful to have over 12, since it makes it gives us the option to expand even faster or delay fundraising, and makes it easier to attract staff. If we don’t spend the money, we can raise less next round, saving time. So, additional funding is still useful, it’s just not as important as our core targets.
Given the funding situation, we’ve been thinking about how to maximise our growth over the coming years, and wrote a three year scale up plan, which we’ll discuss in future updates.
Thank you again to all our donors. It’s tremendously exciting and fortunate to be able to focus on growing 80,000 Hours as quickly as possible.
80,000 Hours is part of the Centre for Effective Altruism, a registered charity in England and Wales, Registered Charity Number 1149828
Centre for Effective Altruism, Oxford Uehiro Centre for Practical Ethics, Littlegate House, St Ebbes Street, Oxford OX1 1PT, UK