Harris Thought to Face Fundraising Difficulty, But "Big Donors Are Actually Lining Up in Droves"
The notion that Kamala Harris might struggle to fundraise has been swiftly debunked, thanks to the excitement surrounding her presidential campaign, which largely depends on her opponents and her predecessor.
TroibNews 
Major Democratic donors are rapidly aligning with Kamala Harris, with many citing a straightforward reason: She’s not Joe Biden.
Kamala Harris's presidential campaign raised over $200 million in its first week. Additionally, the Democratic super PAC Future Forward announced $150 million in commitments following Biden's withdrawal. This influx of high-dollar donors is defying earlier predictions that the vice president would struggle to attract the party’s top fundraisers, particularly given their previous hesitations about supporting a candidate perceived as doomed.
Donors have informed POLITICO that with Harris stepping into Biden’s role at the top of the ticket, they are now more inclined to back a Democratic presidential candidate again. Their motivation is partly driven by a desire to defeat GOP nominee Donald Trump.
“I’ve talked to more people who have been just in a general sense more reserved about President Biden, who are now very enthusiastic,” said Mozelle Thompson, a former Federal Trade Commission commissioner and Democratic donor. “The enthusiasm gap, the excitement gap, has been erased.”
Despite it being early in the campaign, the donation surge has been so significant that one advisor has cautioned some donors to hold back until the race's dynamics become clearer.
Venture capitalist Bradley Tusk refrained from donating significantly to Biden’s reelection campaign, but with Harris as the Democratic candidate, he plans to contribute at least $100,000. He reasoned that with Biden at the top of the ticket, the funding wouldn't have been effective, but Harris’ chances are significantly better. Unlike the president, she wasn’t “falling asleep” or giving “crazy answers.”
“I understand why people might grumble, and she might not be their first choice,” Tusk stated. “But in reality, it comes down to this, which is: Do you want Trump back or not? And if the answer is no, there’s now a candidate that is viable.”
Harris’ 2020 presidential bid ended two months before the first Democratic caucus or primary due to dwindling financial resources. At the time, she stated that her campaign didn’t “have the financial resources we need to continue.”
“As the campaign has gone on, it’s become harder and harder to raise the money we need to compete,” Harris said when she dropped out.
Even as vice president, donors remained skeptical of Harris. Some even discussed replacing her, with suggestions like nominating Harris to the Supreme Court to give her an exit from the 2024 ticket.
In the current race's early stages, her team has bolstered her standing among party funders. They have arranged events to engage with donors, and a long-time Harris supporter highlighted that she had “materially enhanced her brand in a short period of time.” This person, who requested anonymity to discuss private conversations with donors, noted that even those favoring an open convention had quickly supported Harris’ candidacy.
Nevertheless, some donors remain unconvinced of her chances, though this group is small.
The tension between Harris and the donor class underscores that many of the party’s fundraisers, like the ticket’s former principal, are older white men. “The skepticism was universally from white men,” said donor advisor Alexandra Acker-Lyons.
Harris’ identity as a Black and South Asian woman, once a point of skepticism, is now drawing new financial support within the party. Raj Goyle, a former Kansas state representative and co-founder of Indian American Impact, a voter mobilization nonprofit, said enthusiasm among South Asian donors for Harris is "off the charts."
“I think people have tried for years to use her biracial identity and her multiethnic background as a criticism, whereas I think many of us view it as a strength," Goyle said.
Acker-Lyons noted that Harris’ earlier financial struggles stemmed from the competitive 2020 primary, where donor money was spread across multiple Democratic candidates, and Harris had not yet gained a national audience. But now, endorsements from figures like California Gov. Gavin Newsom and former Speaker Nancy Pelosi have integrated their donor networks into Harris’s campaign.
Acker-Lyons said she is receiving calls from donors who haven’t contributed significantly since 2020 or 2022, asking, “Where do I give?” These donors typically contribute five or six figures, she said. “They’re excited again, right? They have hope and optimism that we can win again.”
She has advised some donors to pause contributions until Harris announces a vice presidential candidate and new polling results are available to clarify investment priorities.
Biden had difficulty fundraising toward the end of his campaign, losing a significant fundraising advantage over Trump’s operation. By the end of June, the Democratic effort, including Biden’s campaign, had $237 million in cash on hand, compared to $281 million for Trump’s campaign.
The debate performance and growing calls for Biden to step aside, including from Democratic donors like Netflix executive chair Reed Hastings and actor George Clooney, contributed to the turmoil among Democratic Party officials and operatives.
Biden’s withdrawal and Harris’ ascendance have brought renewed optimism among donors previously disillusioned with the Democratic ticket. One donor, requesting anonymity to discuss internal party dynamics, said they couldn’t support Biden after the debate.
“When the debate happened, and it looked like, this was just a catastrophe, we were not going to be re-upping,” the donor said. “And so now with Kamala Harris as the presumptive nominee, we’re definitely going to give more and support more.”
Not all major donors are supporting Harris. Donor and lawyer John Morgan, a consistent critic of the vice president, said he would not bundle for her or donate more money to the campaign. Morgan had regularly bundled for Democratic tickets since Bill Clinton’s 1996 campaign.
Biotech venture capitalist Neil Exter admitted that Harris probably wouldn’t have been his first choice to lead the ticket. While he remains uncertain about her candidacy over the next 100 days, he is still prepared to financially support the ticket because he doesn’t want Trump as president.
“I wouldn’t be giving her money because of who she is — it’s rather, I’m giving money because I really don’t want Trump to be president,” Exter explained.
Max Fischer contributed to this report for TROIB News
Kamala Harris's presidential campaign raised over $200 million in its first week. Additionally, the Democratic super PAC Future Forward announced $150 million in commitments following Biden's withdrawal. This influx of high-dollar donors is defying earlier predictions that the vice president would struggle to attract the party’s top fundraisers, particularly given their previous hesitations about supporting a candidate perceived as doomed.
Donors have informed POLITICO that with Harris stepping into Biden’s role at the top of the ticket, they are now more inclined to back a Democratic presidential candidate again. Their motivation is partly driven by a desire to defeat GOP nominee Donald Trump.
“I’ve talked to more people who have been just in a general sense more reserved about President Biden, who are now very enthusiastic,” said Mozelle Thompson, a former Federal Trade Commission commissioner and Democratic donor. “The enthusiasm gap, the excitement gap, has been erased.”
Despite it being early in the campaign, the donation surge has been so significant that one advisor has cautioned some donors to hold back until the race's dynamics become clearer.
Venture capitalist Bradley Tusk refrained from donating significantly to Biden’s reelection campaign, but with Harris as the Democratic candidate, he plans to contribute at least $100,000. He reasoned that with Biden at the top of the ticket, the funding wouldn't have been effective, but Harris’ chances are significantly better. Unlike the president, she wasn’t “falling asleep” or giving “crazy answers.”
“I understand why people might grumble, and she might not be their first choice,” Tusk stated. “But in reality, it comes down to this, which is: Do you want Trump back or not? And if the answer is no, there’s now a candidate that is viable.”
Harris’ 2020 presidential bid ended two months before the first Democratic caucus or primary due to dwindling financial resources. At the time, she stated that her campaign didn’t “have the financial resources we need to continue.”
“As the campaign has gone on, it’s become harder and harder to raise the money we need to compete,” Harris said when she dropped out.
Even as vice president, donors remained skeptical of Harris. Some even discussed replacing her, with suggestions like nominating Harris to the Supreme Court to give her an exit from the 2024 ticket.
In the current race's early stages, her team has bolstered her standing among party funders. They have arranged events to engage with donors, and a long-time Harris supporter highlighted that she had “materially enhanced her brand in a short period of time.” This person, who requested anonymity to discuss private conversations with donors, noted that even those favoring an open convention had quickly supported Harris’ candidacy.
Nevertheless, some donors remain unconvinced of her chances, though this group is small.
The tension between Harris and the donor class underscores that many of the party’s fundraisers, like the ticket’s former principal, are older white men. “The skepticism was universally from white men,” said donor advisor Alexandra Acker-Lyons.
Harris’ identity as a Black and South Asian woman, once a point of skepticism, is now drawing new financial support within the party. Raj Goyle, a former Kansas state representative and co-founder of Indian American Impact, a voter mobilization nonprofit, said enthusiasm among South Asian donors for Harris is "off the charts."
“I think people have tried for years to use her biracial identity and her multiethnic background as a criticism, whereas I think many of us view it as a strength," Goyle said.
Acker-Lyons noted that Harris’ earlier financial struggles stemmed from the competitive 2020 primary, where donor money was spread across multiple Democratic candidates, and Harris had not yet gained a national audience. But now, endorsements from figures like California Gov. Gavin Newsom and former Speaker Nancy Pelosi have integrated their donor networks into Harris’s campaign.
Acker-Lyons said she is receiving calls from donors who haven’t contributed significantly since 2020 or 2022, asking, “Where do I give?” These donors typically contribute five or six figures, she said. “They’re excited again, right? They have hope and optimism that we can win again.”
She has advised some donors to pause contributions until Harris announces a vice presidential candidate and new polling results are available to clarify investment priorities.
Biden had difficulty fundraising toward the end of his campaign, losing a significant fundraising advantage over Trump’s operation. By the end of June, the Democratic effort, including Biden’s campaign, had $237 million in cash on hand, compared to $281 million for Trump’s campaign.
The debate performance and growing calls for Biden to step aside, including from Democratic donors like Netflix executive chair Reed Hastings and actor George Clooney, contributed to the turmoil among Democratic Party officials and operatives.
Biden’s withdrawal and Harris’ ascendance have brought renewed optimism among donors previously disillusioned with the Democratic ticket. One donor, requesting anonymity to discuss internal party dynamics, said they couldn’t support Biden after the debate.
“When the debate happened, and it looked like, this was just a catastrophe, we were not going to be re-upping,” the donor said. “And so now with Kamala Harris as the presumptive nominee, we’re definitely going to give more and support more.”
Not all major donors are supporting Harris. Donor and lawyer John Morgan, a consistent critic of the vice president, said he would not bundle for her or donate more money to the campaign. Morgan had regularly bundled for Democratic tickets since Bill Clinton’s 1996 campaign.
Biotech venture capitalist Neil Exter admitted that Harris probably wouldn’t have been his first choice to lead the ticket. While he remains uncertain about her candidacy over the next 100 days, he is still prepared to financially support the ticket because he doesn’t want Trump as president.
“I wouldn’t be giving her money because of who she is — it’s rather, I’m giving money because I really don’t want Trump to be president,” Exter explained.
Max Fischer contributed to this report for TROIB News
