Biden will be the presidential candidate for the DNC and is Trump’s main rival when the US goes to the polls later this year.
Presidential campaigns in the US regularly receive and spend eye-watering amounts of money in bids to out-perform each other and clinch the national vote.
Biden announced the funding news in an email to supporters.
For example, tens of millions can be spent on TV or digital advertising, while millions more are used to pay the staff that run the campaigns.
The amount that the Biden campaign raised in May in the most money that the campaign has collected in any month so far, Reuters reports.
The announcement was made in an email to campaign supporters on Monday afternoon.
In April, by comparison, the amount raised was $60.5 million.
However, despite the fundraising efforts of Biden’s campaign, the Trump campaign still has more spending power behind it due to donations that have come in over three years, Reuters adds.
But the national opinion polls tell another story, with Biden appearing to lead over Trump amid the coronavirus pandemic and racial unrest in the US.
Indeed, “several” top Biden fundraisers told Reuters that they had seen a surge in support amid the ongoing and widespread protests over the killing of George Floyd last month.
In the email announcing the May donations, Biden wrote: “I understand what these dollars mean. When facing uncertainty and recession, you chose to back me,” CNN reports.
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Trump has also received billions in backing.
The presidential nominee added: “I will never forget that. And I promise that when I’m president, I won’t let you down.”
Many large donations for presidential candidates come from billionaires. Forbes reports that in March this year, a total of 32 billionaires donated to Biden’s campaign.
These include Reed Hastings, the head of Netflix, and Jorge Perez, a Miami real estate figure.
Forbes added that, as of May, 94 billionaires had donated to Biden’s presidential campaign in total – though this may have since increased.
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Former president Barack Obama is due to appear in a Biden campaign fundraiser this month.
The majority of the billionaires that have donated the campaign appear to have worked in finance and investments, Forbes found.
And it reported in April that George Kaiser, a billionaire oil executive, had his donation returned as the Biden campaign claimed it would not take donations from fossil fuel company executives.
Throughout most of the pandemic, both Biden and Trump’s presidential campaigns were forced to go fully virtual.
However, Trump is due to start hitting the campaign trail again starting with a rally this Saturday in Tulsa, Oklahoma.
Biden and Trump are main rivals for the presidency in November.
Meanwhile, the Biden campaign has announced that former president Barack Obama is due to appear in another campaign fundraiser on June 23.
In a Biden campaign statement announcing the news, Obama said: “This is a critical moment in our history – and we need Americans of all backgrounds and political stripes to join together and fight to create a more just, more generous, more democratic America where everybody has a fair shot at opportunity,” CNN reports.
Biden used to be vice-president under Obama’s administration before Trump came to power.
Amid the pandemic, CNBC reports that over 40 million people in the US have lost their jobs since states began entering lockdown.