I hope I'm non misremebering but in an interview Suzuki said that the bulk of the budget came from the kickstarter itself.
Sony helped with the initial marketing, then Deep Silver with the rest of the marketing and some minor funding (I'd say around the million mark, but I'm not sure). I don't think it exceedes or maybe reaches 10 millions.
I think it's around the same budget as Hellblade, if we want to continue that comparison.
Interestingly enough, a new interview went up just today regarding the manpower used for the game:
https://www.phantomriverstone.com/2019/12/part-3-shenmue-discussion-with-yu.html
To make it short: graphics compromises have been reached to make the team able to develop the rest of the content, and the "jankier" animations are there because getting those 100% accurate would have meant cutting 9/10 of them.
More critically (and more interestingly, in my opinion), the throw moves are missing because the mocap setup they had available used big chunky sensors, that could have been broken (or injured someone) if you tried to physically throw someone to the ground.
That's a an egregious example of the difference a pre-existing working pipeline can make, when creating something.