[naravara]

>Question for anyone who would be interested in such a thing: How would you suggest monetising or funding such a project?

Sponsored ads and content is probably the only way, other than donations, to keep the service free. You can do ads without tracking, as long as you're transparent about what is or isn't an ad.

The other option is to segment the market with "premium tier" features that only finicky people care about. For example, everyone gets a standard page layout but you can pay to unlock custom style-sheets. Or you can pay extra to display higher resolution photos. Or you only hold onto posts and content for 3 years unless people pay for archival storage (at which point you're basically just running a backup service).

Alternatively, lots of community groups use facebook as a community forum. You can have moderators or forum administrators pay a hosting fee and that maintains the rest of the site.