Cruz campaign raises $20.5 million in last quarter of 2015
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Sen. Ted CruzTed CruzThe media couldn't be more blatant in distorting Trump's words on Charlottesville Curtis wins GOP primary for House seat vacated by Jason Chaffetz Kimmel: Let’s make Trump a king so he has no power 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 TrumpAssange meets U.S. congressman, vows to prove Russia did not leak him documents A history lesson on the Confederacy for President Trump GOP senator: Trump hasn't 'changed much' since campaign 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.