Mitt Romney raised $106.1 million in June, $35 million more than President Obama. Romney’s three-digit victory also beat Obama’s record-breaking $71 million raised before the election in 2008.

The gap is narrowing as Romney’s efforts are being fueled by big-money donors and Super PACs. Overall though, he’s raised at least $389 million to date, less than the $512 million Obama has collected for his campaign and the Democratic National Committee, according to federal disclosures and Monday’s announcements.

“This is no joke. If we can’t keep the money race close, it becomes that much harder to win in November,” Obama campaign’s chief operating officer Ann Marie Habershaw wrote in an email to supporters, titled “We could lose if this continues.”