Biden campaign says it raised record-breaking $364.5 million in August

Joe Biden's campaign, the Democratic National Committee and their joint fundraising committees together raised $364.5 million in the month of August, his campaign announced Wednesday.

Why it matters: The total is believed to be the most ever raised by a presidential candidate in a single month, likely driven in part by Biden's announcement on Aug. 11 that he had tapped Sen. Kamala Harris to be his running mate, according to the New York Times.

By the numbers: $205 million, or 57% of the total, was raised from online, small-dollar donations, according to the campaign. More than 1.5 million Americans contributed last month for the first time.

• Biden's campaign announced in early August it raised $26 million in the 24 hours after the Harris selection.
• The campaign added that it raised roughly $70 million during the four-day virtual Democratic National Convention in mid-August.
• Biden's campaign brought in a $140 million haul in July.

Context: Trump and Hillary Clinton raised $90 million and $143 million, respectively, in August 2016.

• Trump and the Republican National Committee raised $165 million in July, and his campaign said it raised $76 million during last week's GOP convention.

Between the lines: Biden’s massive haul reflects how energized Democrats are heading into the general election against President Trump.

• The nature of the pandemic has allowed Biden, and now Harris, to host virtual fundraisers almost daily.

• These allow for even more donors to “attend,” which has helped the campaign rake in cash quickly. (For example, a virtual fundraiser with Biden, House Speaker Pelosi and singer Carole King had 892 attendees, per the campaign.)

What they're saying: "Last month we raised $364.5 million — 95% of the donations from grassroots supporters like you and the majority online," Biden tweeted. "Working people are powering our campaign — and I’m grateful. We’ve got a long way to go to close the fundraising gap and win — but we can do it. Together."

This story is developing. Please check back for updates.