Cruz campaign raises $20.5 million in last quarter of 2015
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Sen. Ted CruzRafael (Ted) Edward CruzThe Memo: Trump searches for path to comeback Cruz: GOP could face 'bloodbath of Watergate proportions' on Election Day Cruz says he raised concerns with Trump over Gorsuch and Kavanaugh before nominations 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 TrumpFederal judge shoots down Texas proclamation allowing one ballot drop-off location per county Nine people who attended Trump rally in Minnesota contracted coronavirus Schiff: If Trump wanted more infections 'would he be doing anything different?' 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.