Presidential campaigns live and die by their fundraising efforts – that is why Texas Senator Ted Cruz‘s whopping $20 million haul in the fourth quarter of 2015 spells hope for his prospects of securing the nomination. The result marks yet another increase in Cruz’s fundraising quarter-over-quarter, a trend that mirrors his ascent from the middle of the crowded GOP field to a legitimate contender to frontrunner Donald Trump.
Photo by Nicholas Pilch/Getty Images
Cruz’s funding totals have increased steadily throughout the year: he garnered $4.3 million in the first quarter, $10 million in the second quarter and $12.2 million in the third quarter, which means that he has nearly quintupled his funding in the span of a year. The Texas senator holds the top spot in the key early-voting state of Iowa and has secured a cozy second-place spot behind Trump nationally, who has held the lead for months on end.
Similar to Vermont Senator Bernie Sanders on the Democratic side of the race, Cruz has enjoyed strong support from a large number of donors who give relatively small amounts. Cruz campaign manager Jeff Roe noted in a memo sent out to staffers that the campaign has received donations from over 300,000 people.
According to the memo, no other candidate besides retired neurosurgeon Ben Carson has managed to obtain such a widespread base of donors. “Over 10,000 of our donors are ‘sustainers’ who committed to contribute on an automatic, monthly basis and provide enough recurring revenue ($500,000 a month) to fund for our entire field operation,” Roe wrote.
In addition to small-dollar contributors, Cruz has almost secured the top-spot when it comes to campaign donations from wealthy donors, second only to former Florida Governor Jeb Bush. According to a report released months back, Cruz’s super PAC counted $38 million in donations, a total that the organization has largely left unspent and could invest late in the election cycle in order to give Cruz a last-minute nudge into securing the nomination.