The Republican, who has served six terms in the Indiana House, hopes to fill Governor Mitch Daniels' open seat come November.
"More and more Hoosiers continue to be drawn to our positive campaign that is focused on economic growth and solutions. These financial resources and our grassroots organization will enable us to be competitive this election year," said Campaign Manager Kyle Robertson in a release Monday.
Pence now has a total of $4.92 million on hand.
Pence's Democratic challenger, former Indiana House Speaker John Gregg, announced Friday that he raised $584,570 in the year's first quarter. As of March 31, Gregg's campaign said he had $1.51 million on hand.