Cruz campaign raises $20.5 million in last quarter of 2015
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Sen. Ted CruzTed CruzFEC faults Cruz on Goldman Sachs loans in rare unanimous vote CBO score underlines GOP tensions on ObamaCare repeal Republicans go to battle over pre-existing conditions 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 TrumpManafort in Russian spotlight Russian bank owners sue BuzzFeed over publishing dossier Why global health investments are key ‘Making America Great’ 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.