2016 Republican presidential candidate Sen. Ted Cruz (R-Tex.) told a crowd in Iowa that he commends Indiana "for doing the right thing" in regard to the Religious Freedom Restoration Act. (Reuters)

CONCORD, New Hampshire -- Sen. Ted Cruz has raised $4 million in the eight days since officially launching his White House bid, his campaign confirmed Wednesday night.

And in a sign of his appeal to grassroots conservatives, his campaign said that 95 percent of the contributions came in amounts of $100 or less.

Cruz, who formally announced his presidential campaign on March 23, remains the only major candidate in either party to officially launch a White House bid. He raised $1 million within a day of his formal announcement, and $2 million within the first three days, according to his campaign. Cruz's campaign said bundlers accounted for one-third of the money raised and that 300 donors maxed out on their contributions to Cruz.

Word of his latest fundraising figures was first reported by the Wall Street Journal.

“Often you have an establishment candidate, usually the moderate, who will be well funded,” Cruz spokesman Rick Tyler said in a statement. “Here we have a candidate who is conservative and can raise money.”

[The politics of Ted Cruz bashing -- in one quote]

Cruz will most likely rely heavily on small-dollar donations rather than big checks from the wealthy donors who tend to back establishment candidates. The Cruz campaign said Wednesday that the average donation during the eight days from the campaign launch through March 31, the deadline for candidates to file their fundraising totals from the first quarter of 2015, was around $83.

The goal of the Cruz campaign is to bring in some $40 million over the next year. That haul will most likely be dwarfed by the big bucks expected to be raised by former Florida Gov. Jeb Bush, Wisconsin Gov. Scott Walker, and possibly Sen. Rand Paul of Kentucky.

Cruz told the Washington Post and NH1 News two weeks ago that he can "absolutely" compete with the big bucks that Bush, the former Florida governor and son and brother to former presidents, is expected to raise.

"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," he said.

"Among donors, Jeb Bush represents Mick Jagger and the Beatles rolled all in one. 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," Cruz added, saying he was "more and more confident that we will have the financial resources to compete, and compete vigorously."