San Jose Mayor Matt Mahan’s billionaire-backed campaign for California governor just got another shot in the arm.
Mahan’s campaign disclosed a $2.5 million windfall on Wednesday — amounting to $6 million in total direct fundraising reported since the launch of his bid for statewide office. Mahan has said publicly he’s raised $7 million.
The filings show venture capitalist and San Francisco Standard founder Michael Mortiz, his wife Harriet Heyman, former Cruise CEO Kyle Vogt and Riot Games co-founder Marc Merrill among the latest Silicon Valley elites who maxed out contributions at $78,400 each to Mahan’s campaign. Other major donors include LinkedIn co-founder Reid Hoffman, who gave $39,200, and YCombinator managing partner Harjeet Taggar, who gave $50,000.
The filings also show the Govern for California network — a statewide special interest group largely funded by Bay Area venture capitalists and tech executives — donated $300,000 to Mahan’s campaign.
“His initial fundraising is enough to put him in the race, especially with so many candidates and no clear front runner,” Terry Christensen, a San Jose State University political science professor emeritus, told San José Spotlight. “Now it will depend on how effectively he spends his millions and whether there’s more to follow. Quickly.”
The funding flush comes as recent polls have put Mahan toward the back of the crowded pool of candidates seeking the governor’s mansion in Sacramento.
An independent poll of 1,000 voters by Emerson College, released Wednesday, showed Mahan with 3.4% of voter support. That puts him behind six other candidates, with Republican political pundit Steve Hilton leading at 17%, followed by Congressman Eric Swalwell and Riverside County Sheriff Chad Bianco tied at 14%, former Congresswoman Katie Porter at 10%, billionaire Tom Steyer at 9%, and former U.S. Secretary of Health and Human Services Xavier Becerra at 3.5%.
Adrian Rafizadeh, Mahan’s campaign manager, is undeterred.
“Even though his campaign is now just a couple weeks old, we are continuing to build more momentum every day,” Rafizadeh told San José Spotlight. “It is clear that as more voters learn about Mayor Mahan’s record and his practical approach to lowering housing and energy costs, bringing our unsheltered neighbors indoors and lifting up every public school that they will continue to join his campaign to get state government back to basics.”
Closer to home, a poll by Santa Clara County public employee union AFSCME Local 101 similarly put Mahan near the bottom of the field at 2% to 3% voter support.
AFSCME Local 101 spokesperson John Tucker said there’s a disconnect between donor enthusiasm and voter enthusiasm.
“Money can amplify a campaign, but it can’t manufacture broad support,” Tucker told San José Spotlight. “From the perspective of the city workers, we’re facing deep budget shortfalls, hiring freezes and real conversations about service cuts. Departments are stretched thin, and residents are already feeling it.”
Tucker said it will be hard for Mahan to reconcile that reality with a full-scale campaign for higher office.
“If the city is struggling to maintain core services, that’s where Mahan’s focus should be,” he said.
An independent expenditure committee set up to support Mahan, known as California Back to Basics, also received millions of new dollars from Reddit co-founder Steve Huffman, who has given $1 million; venture capitalist Leonard Baker, who has given $400,000; and billionaire William Oberndorf, who has given $843,000, according to financial disclosures reviewed by this news outlet. Independent committees are barred from coordinating with candidate campaigns.
Steyer is still leading the fundraising pack with $38 million in donations as of Thursday. Porter has raised $6.1 million followed by Hilton, who has raised $5.8 million. Bianco has raised $3.8 million and Swalwell has raised $3.6 million.
Candidates will face off in a June 2 primary election, with the top two moving on to the Nov. 3 general election.
Contact Brandon Pho at [email protected] or @brandonphooo on X.