Cruz campaign raises $20.5 million in last quarter of 2015
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Sen. Ted CruzRafael (Ted) Edward CruzOvernight Health Care: Trump eases rules on insurance outside ObamaCare | HHS office on religious rights gets 300 complaints in a month | GOP chair eyes opioid bill vote by Memorial Day HHS official put on leave amid probe into social media posts Trump, Pence to address CPAC this week MORE's (R-Texas) presidential campaign on Sunday reported raising over $20 million in the last 3 months of 2015.

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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 TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out 'subversion' at VA MORE 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.