Since launching his presidential campaign last week, Republican Sen. Ted Cruz has managed to raise $4 million toward his bid for the White House.

The Texas Republican became the first candidate to officially announced a 2016 campaign when he declared his candidacy for the GOP nomination at the Liberty University in Lynchburg, Virginia on March 23, reports Politico.

However, rather than targeting wealthy, large-scale donors, Cruz is focusing his fundraising efforts on grassroots voters. So far, his spokesman says that 95 percent of the donations raised within the last eight days were contributions of $100 or less, while the average donation was about $83. He also managed to raise $1 million within 24 hours of his formal announcement, in addition to $2 million within the first three days, according to his campaign.

"Often you have an establishment candidate, usually the moderate, who will be well funded," Cruz spokesman Rick Tyler told the Wall Street Journal. "Here we have a candidate who is conservative and can raise money."

Altogether, the Tea Party-backed candidate is hoping to raise around $40 million in the next year. However, that is less than half the amount of money expected to be raised by former Florida Gov. Jeb Bush, who has the benefit of an established network of major donors who supported both his father and brother.

"Jeb Bush will shatter every fundraising record ever set. They've set a goal this first quarter of raising $100 million. It wouldn't surprise me if Jeb does much more than that, if he blows past $100 million," Cruz told the Washington Post.

"Among donors, Jeb Bush represents Mick Jagger and the Beatles rolled all in one, Cruz added. "But at the end of the day races are not decided by donors in fancy fundraisers. Races are decided by actual primary voters, by people on the ground. And I'll tell you the support we're seeing at the grassroots is breathtaking and in my experience, grassroots plus money beats a whole lot more money every time."