Mike Sherzan, the Democratic congressional candidate who leaped into Iowa’s 3rd District race almost immediately after the 2016 election, is dropping his bid.

The reason? Frustration with the campaign finance system and the constant, overwhelming demand to raise money, he says.

“It had to do with the money more than anything,” he told The Des Moines Register in an interview Thursday.

Sherzan, who owned a financial services company before retiring recently, self-funded much of a 2016 congressional bid in which he lost in the Democratic primary. He was prepared to do so again, he said, until he realized the additional effort he’d have to commit to fundraising rather than campaigning.

“I made the decision that spending eight to 10 hours a day in a room doing phone calls was not something I wanted to do,” he said, noting that the imperative to raise money wouldn’t stop even if he was elected. “I think there are more important things that our congresspeople can do other than getting on the phone and raising money.”

Rather than committing resources to his own candidacy, Sherzan now says he intends to spend his wealth on other Democratic candidates and progressive causes in 2018.

“Our campaign finance system is broken, and it has been for a long time, he said. “If I’m going to effectively support the causes I believe in, I can use my own resources to more directly help those people on the front-line of that effort.”

Sherzan’s decision to quit the race was first reported by Iowa Starting Line.

His departure from the race leaves one declared Democratic candidate, Des Moines attorney Anna Ryon, challenging two-term incumbent Republican U.S. Rep. David Young.

In a statement released by his campaign manager, Sherzan added that his campaign would refund contributions made since he officially announced his candidacy in early March and projected confidence that Democrats would field a strong 3rd District candidate in 2018.

“The energy among Democrats is as high as I’ve ever seen, and I’m confident a strong candidate is going to defeat Young next November,” Sherzan said in the statement. “I look forward to hearing from those who step forward and working to help them win.”