Former Rhode Island Gov. Lincoln Chafee announced Friday morning that he is dropping out of the 2016 Democratic presidential race, just days after former Virginia Sen. Jim Webb withdrew.

"As you know I have been campaigning on a platform of prosperity through peace," Chafee said at the Democratic National Committee's annual Women's Leadership Forum in Washington, D.C., reported CNN. "But after much thought I have decided to end my campaign for president today. I would like to take this opportunity one last time to advocate for a chance be given to peace."

With Chafee's exit, now only three Democratic candidates remain: former Secretary of State Hillary Clinton, Vermont Sen. Bernie Sanders and former Maryland Gov. Martin O'Malley. Vice President Joe Biden announced Wednesday he would not enter the race.

Chafee spent most of his life and political career as a Republican, also serving as a senator and the mayor of Warwick, R.I. On the campaign trail, he touted his accomplishments in Rhode Island and his voting record in the Senate, where he was the only Republican senator to vote against the Iraq War, a fact he commonly criticized Clinton for throughout the primary.

Chafee had struggled to raise money and gain traction in the polls. He took in just more than $11,000 from donors last quarter, and his support was hovering at less than one-half of 1 percent, according to ABC News.

He was largely overshadowed by Clinton and Sanders in the first Democratic debate last week, with perhaps his most notable moment coming as he struggled to explain why he voted to repeal a landmark deregulation bill in the Senate, notes The Huffington Post.

"I pretty much made the decision last weekend," Chafee said after his remarks at the women's forum on Friday, according to ABC News. "I'm a deliberative person. I always take my time with decisions."

Chafee said another reason he decided to pull the plug now was Clinton's "good week."

"Obviously it was a good week for Secretary Clinton," Chafee told reporters after his speech. "She did well in the debates, and then Senator Webb got out, Vice President Biden declined to join the race, she did well in the Benghazi hearing and Gov. Chafee got out of the race."

In concluding his remarks at the women's forum, Chafee said: "A wise man, President Eisenhower counseled us that 'only an alert and knowledgeable citizenry' could ensure the meshing of both security and liberty. It is up to you as women, as citizens, and as humans to demand from your leaders an end to the endless wars and the beginning of a new era for the United States and humanity. Thank you! Go Democrats in 2016!"