New Mexico state Auditor Hector Balderas announced raising more than $400,000 in the first two months since launching his Senate campaign.

Balderas now has $370,000 on hand, a solid start for what is expected to be a competitive Democratic primary against Rep. Martin Heinrich.

The second-term Congressman, who launched his campaign April 2, has not yet released his second-quarter totals. Heinrich had $350,000 on hand at the end of the first quarter, during which he was technically raising money for a re-election campaign.

“While we start this campaign as a clear underdog, we’re finding a growing number of people who are responding to Hector’s record of fiscal responsibility and his vision of economic opportunity for all New Mexicans,” Balderas campaign manager Caroline Buerkle said in a statement. “These financial resources will help ensure that we remain competitive and that we can take that message to people across New Mexico.”