Cruz campaign raises $20.5 million in last quarter of 2015

Sen. Ted Cruz’s (R-Texas) presidential campaign on Sunday reported raising over $20 million in the last 3 months of 2015.

{mosads}The strong fundraising effort allowed the campaign to start 2016 with $18.7 million on hand.

Of the funds raised in the final stretch of 2015, about 42 percent came from small-dollar donations of less than $200.

The campaign also was not shy about spending its funds as it sought to establish a presence in Iowa, as it spent $15.5 million in those three months.

Cruz has been challenging Republican presidential front-runner Donald Trump for first place in the Hawkeye State, which has prompted a feud with the business mogul, as well as other candidates vying for the limelight in early primary states.

–This report was updated at 8:22 p.m.