(CNN) Julián Castro ended his presidential campaign on Thursday after the former Housing and Urban Development secretary failed to gain traction in the large field of Democratic candidates.

Castro announced the news in a video posted on Twitter.

"I'm so proud of the campaign we've run together. We've shaped the conversation on so many important issues in this races, stood up for the most vulnerable people and given a voice to those who are often forgotten," Castro said. "But with only a month until the Iowa Caucuses, and given the circumstances of this campaign season, I've determined that it simply isn't our time, so today it's with a heavy heart and with profound gratitude that I will suspend my campaign for president."

It's with profound gratitude to all of our supporters that I suspend my campaign for president today.



I'm so proud of everything we've accomplished together. I'm going to keep fighting for an America where everyone counts—I hope you'll join me in that fight. pic.twitter.com/jXQLJa3AdC — Julián Castro (@JulianCastro) January 2, 2020

The Castro campaign appeared to be nearing the end for months, as the candidate struggled to raise enough money to stay solvent as a host of his Democratic opponents continued surging. Castro closed out his campaign by lobbing broader complaints at the Democratic Party about the fact that Iowa and New Hampshire, two predominantly white states that do not reflect the broader Democratic electorate, vote first in the nominating process.

Castro, the only Latino to run for president this cycle, officially launched his campaign last January with a rally in San Antonio, his hometown and the city he ran as mayor for five years before joining the Obama administration.

Read More