Presidential hopeful Pete Buttigieg, the openly gay mayor of South Bend, Indiana, raised nearly $25 million in the second quarter toward his campaign.

Buttigieg's campaign announced on Monday that the candidate has raised $24.8 million from 294,000 individual donors. The average contribution was $48.

On Thursday, Buttigieg made history as the first openly gay candidate to participate in a presidential debate. The following day, the LGBTQ Victory Fund, which works to elect openly LGBT lawmakers and officials, endorsed Buttigieg's campaign.

(Related: Victory Fund endorses Pete Buttigieg for president; Stonewall made candidacy possible, he says.)

“Mayor Pete is competing in the polls and in fundraising with the best-known names in American politics – placing him among the strongest contenders for the Democratic nomination,” Victory Fund spokesperson Elliot Imse said. “LGBTQ donors helped fuel the early months of his candidacy, but his appeal now extends far beyond our community, as these latest fundraising numbers show. As more Americans hear his message on the campaign trail and from the debate stage, we believe this momentum will accelerate.”

In reporting the news, CNN said that Buttigieg's second-quarter fundraising total was a sign “he's here to stay.”

“He now is done meeting debate metrics pretty much at this point. He will now be guaranteed a place in the debate stage from this point forward, is my guess,” said Sarah Isgur, CNN political analyst, adding that the result is stunning considering the fact that Buttigieg is the mayor of a small town, not a senator or governor with a large donor list developed over years.

The campaign already had more than $22 million in the bank.