Peter Julian, the former NDP House leader, is quitting his party's leadership race after failing to secure enough donations to continue his campaign. 

"One of the ways that members express their appreciation, express their support, is by giving financial donations," he told reporters on Parliament Hill Thursday. 

"In this semester that just finished, we were far below where we needed to be in terms of financial donations. I accept the verdict of the membership."

Julian said he has enormous respect for each of the remaining leadership candidates and believes they would all make a good prime minister, but added he would endorse one of them for leader at a future date.

Thanking his campaign team, Julian said he was looking forward to spending more time with his family and promised to work harder on behalf of his constituents now that he was not focused on the leadership.

Julian quits NDP Leadership race2:29

Julian, a veteran MP for the riding of New Westminster—Burnaby in British Columbia's Lower Mainland, entered the race in February, becoming the first candidate seeking to succeed Tom Mulcair as leader of Parliament's third party.

He was joined by MPs Niki Ashton, Charlie Angus and Guy Caron, as well as Ontario MPP Jagmeet Singh.

Singh issued a statement in which he said he was saddened by Julian's withdrawal from the race describing the B.C. MP as a man of principle who is a mentor to many in the party.

Singh also flagged Julian's commitment to climate change, Indigenous rights and the pursuit of economic justice. 

Though the race is still taking shape, early fundraising returns suggested Julian was struggling to gain traction.

But Julian had been endorsed by six NDP MPs, including Alexandre Boulerice, a prominent MP from Quebec.

In his campaign, Julian has proposed eliminating tuition fees for post-secondary education, advocated for affordable housing and opposed pipeline development.

The party's next official leadership debate is Tuesday in Saskatoon. The party will elect its permanent leader by preferential ballot in weekly rounds, starting in September and concluding no later than Oct. 29.