Hull City of Culture 2017 has raised £32m to produce the year-long festival, according to the charity set up to deliver it.
The Hull 2017 Culture Company said fundraising had exceeded its public target of £18m, raised with investment from 61 partners.
The full programme of events is to be announced next week.
Martin Green, of Hull 2017, said the money was "a massive vote of confidence" in the city.
The chief executive and director of Hull 2017 said Hull was a "great city" and "the northern powerhouse argument was a good one".
Mr Green admitted his personal target for funding had been about £30m.
He was the man behind the London 2012 Olympic ceremonies, oversaw the torch relays ahead of the Olympic and Paralympic Games in 2012 and was the executive producer of the Tour de France's opening ceremony in Leeds.
About £22m will be spent on cultural events and another portion of the money will support events after 2017, the charity said.
More than 2,000 people have already signed up to volunteer during the year and 60,000 school students will take part in some way.