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New Zealand Dental Student Association president Abdulla Salman said the figure was still climbing after Facebook page "RIP Dr Chris (Li Hong) He" was set up.
Many donations had come from Dr He's former students now living throughout New Zealand and Australia.
The largest single donation was $1000.
Money had also been given by people who had never met Dr He (34), Mr Salmansaid.
Many written tributes had been posted.
Some people asked if they could give baby clothes for Dr He's two children, aged 2 months and 2, he said.
Dr He's parents were scheduled to arrive in Dunedin from China on Sunday and the funeral would be held on Tuesday, Mr Salman said.
Students were starting a petition to send to the New Zealand Transport Association calling for Dunedin cycle lanes to be reviewed, he said.