Donors gave more than $29 million to U.S. President Barack Obama's re-election campaign in January, mostly in amounts of $250 or less, officials said Friday.

The announcement was made via Twitter, the Los Angeles Times reported. The president has raised more than $250 million since he became an official candidate for re-election last April, including $68.7 million in the fourth quarter of 2011.

Only 2 percent of the money donated in January was in amounts of more than $250, the campaign said. The $250 million raised last year came from 1.3 million contributors for an average of just under $250 each.

The upcoming presidential race is expected to set records for raising and spending money. There have been some predictions Obama might have a billion-dollar campaign, although he appears to be a little off that pace, Politico said.

Obama also has the advantage of having no serious primary challenger, while the Republican candidates have to raise money to battle each other.

This week, Obama attended eight fundraising events on the West Coast, bringing in an estimated $8 million.