Democratic presidential front-runner Hillary Clinton was beaten in the money game in January by rival Bernard Sanders, whose campaign said it experienced a fundraising boon after its photo-finish in Iowa.

The Clinton campaign said it raised $15 million during the first month of the year, whereas Mr. Sanders‘ team said it brought in $20 million.

Although Mrs. Clinton narrowly won the Iowa caucus, Mr. Sanders‘ close finish inspired his supporters, who gave another $3 million after the results came in.

The Vermont senator has the cash on hand to make the Democratic presidential primary a long slog. His donor base has given in small amounts — with the average donation of $27 — meaning most of them can give again, whereas a number of Mrs. Clinton’s donors have already contributed the maximum amount.

“Unlike other campaigns which rely heavily on wealthy donors who give the maximum allowed by law, more than 99.9 percent of Sanders‘ donors can give again,” the Sanders campaign said in a statement. “In sharp contrast, Federal Election Commission reports indicate that more than 3 in 5 dollars given to Hillary Clinton come from donors who already have given her the maximum allowed by law.”

In January, Mrs. Clinton “had her best grassroots fundraising month of the campaign with 95 percent of the donations coming in increments of $100 or less,” the Clinton campaign said, trying to match Mr. Sanders‘ talking points.

“We invested early in organizing and that investment has already paid off with a Hillary Clinton victory in Iowa,” Clinton campaign manager Robby Mook said in a statement Thursday. “Now, thanks to the support of more than 670,000 people across the country, we have the resources we need to take the fight to to New Hampshire, Nevada, South Carolina and beyond.”

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