If Massachusetts Attorney General Martha Coakley raises enough money to be financially competitive with her Democratic rivals, she will win the Senate special election, EMILY’s List President Ellen R. Malcolm predicted Wednesday.

Malcolm, whose group formally endorsed Coakley at a luncheon in Boston, said Coakley’s challenge is to compete with the “kind of money” that 8th District Rep. Michael E. Capuano and Bain Capital Managing Director Stephen Pagliuca have at their disposal. Pagliuca is prepared to self-fund his campaign and Capuano had more than $1 million stockpiled in his congressional campaign committee before the Senate election even got under way.

Capuano announced Wednesday evening that he raised more than $300,000 since launching his candidacy Sept. 18 and has $1.1 million cash-on-hand. Robert Farmer, national finance chair for Democratic Sen. John Kerry’s 2004 presidential campaign, has signed on as national finance chair for Capuano’s Senate run.