FiscalNote
| Company type | Public |
|---|---|
| Industry | Software, Data analytics, Media services |
| Founded | 2013 |
| Founder | Timothy Hwang, Gerald Yao, Jonathan Chen |
| Headquarters | Washington, D.C. , United States |
Area served | United States, Australia, New Zealand, Argentina, Canada, Chile, India, United Kingdom, South Korea, European Union, Middle East |
Key people | Timothy Hwang (CEO) |
| Products | FiscalNote Government Relationship Management (GRM) system, FiscalNote ESG Solutions |
| Website | www |
FiscalNote Holdings, Inc., widely known as FiscalNote, is a publicly listed enterprise specializing in software, data analytics, and media services, with its headquarters located in Washington, D.C.. Established in 2013 by Timothy Hwang, Gerald Yao, and Jonathan Chen, FiscalNote delivers a range of software applications, platforms, data solutions, and news content centered around its flagship FiscalNote Government Relationship Management (GRM) system. The company utilizes an artificial intelligence-driven platform to evaluate proposed legislation in the United States by identifying critical terms, comparing analogous bills, highlighting strengths and weaknesses, monitoring committee developments, and analyzing legislators’ voting records.
In July 2018, FiscalNote broadened its media presence through the acquisition of CQ Roll Call, a publisher renowned for legislative and policy-oriented publications such as Roll Call and CQ (previously known as Congressional Quarterly).
By July 2022, the company introduced FiscalNote ESG Solutions, a comprehensive suite designed to assist organizations in achieving their environmental, social, and corporate governance (ESG) goals.
History
Founded in 2013 in Sunnyvale, California, FiscalNote was created by former classmates from Thomas S. Wootton High School in Rockville, Maryland—Timothy Hwang, Gerald Yao, and Jonathan Chen. At the time a junior at Princeton University, Hwang brought Chen and Yao to Silicon Valley to present their business concept. The fledgling company initially operated out of a Motel 6, where early team members Dan Maglasang and Dev Shah contributed to product development.
In May 2017, FiscalNote began its international expansion by incorporating data sets from Australia and New Zealand. The following month, it collaborated with District of Columbia Mayor Muriel Bowser on a technology workforce training initiative backed by a $750,000 economic development incentive aimed at retaining FiscalNote’s headquarters at 1201 Pennsylvania Avenue in DC.
By July 2017, the company further extended its global data coverage to include markets such as Argentina, Canada, Chile, India, and the United Kingdom.
The acquisition of CQ Roll Call in 2018 provided FiscalNote with a loyal subscriber base and steady revenue streams. This move also marked the company’s entry into media services by offering subscribers not only legislative data but also expert analysis.
In July 2022, FiscalNote unveiled FiscalNote ESG Solutions—an AI-powered platform delivering ESG-related news, research summaries, expert consulting services, and community engagement opportunities to help organizations meet their governance and sustainability targets.
Funding and acquisitions
Towards the end of 2013, FiscalNote obtained initial seed capital from Mark Cuban after founder Timothy Hwang reached out via a cold email. This early funding round was supplemented by contributions from New Enterprise Associates, Yahoo cofounder Jerry Yang, and First Round Capital, collectively amounting to $1.3 million.
In the autumn of 2014, FiscalNote secured $7 million in its inaugural institutional funding round. Notable investors included AOL founder Steve Case, Visionnaire Ventures—a collaborative fund between Taizo Son and Temasek—alongside continued support from earlier investors such as Jerry Yang, Mark Cuban, and Winklevoss Capital Management. Steve Case’s investment was made through his Rise of the Rest Fund.
By February 2015, FiscalNote raised an additional $10 million in its third financing round, which featured participation from Chinese social network Renren, signaling Renren’s expansion beyond its traditional focus on online gaming and e-commerce.
A fourth financing round in February 2016 brought in another $10 million, led by Green Visor and Visionnaire. This was later augmented by a $5 million strategic infusion from South Korean conglomerate MoneyToday Media, accompanied by a collaboration with its media branches. This financial boost followed FiscalNote’s acquisition of Korean startup MyCandidate.
In August 2017, FiscalNote broadened its scope into advocacy by acquiring Baton Rouge-based VoterVoice, thereby adding approximately 1,100 clients. CEO Hwang suggested this acquisition would be the first among many valued in the "hundreds of millions."
At the World Economic Forum held in Davos in January 2018, FiscalNote acquired Brussels-based Shungham, establishing a foothold within the European Union as part of its international growth plan.
FiscalNote expanded its media holdings further in July 2018 by purchasing Congressional Quarterly and Roll Call from The Economist Group.
Subsequent acquisitions include FactSquared—the operator of White House monitoring platform Factba.se—in January 2021; UK political risk advisory Oxford Analytica in February 2021; Cambridge-based artificial intelligence company Forge.AI in September 2021; civic technology firm Curate in August 2021; South Korean alternative data enterprise Aicel Technology in 2022; and UK geopolitical intelligence provider Dragonfly Eye Ltd. in January 2023.
Operations
FiscalNote's main headquarters is located in Washington, D.C., with additional regional branches situated in Seoul, Korea to serve the Asian market and in Brussels covering the European Union and Middle East regions. Other significant offices are found in New York City, Baton Rouge, and Gurgaon, India. The company supports multiple languages and, as of January 2018, had provided services to more than 1,300 clients and reached 21.9 million users.
Advisors and board
The board of FiscalNote includes notable figures such as General Stanley A. McChrystal, economist Glenn Hubbard, author Alec Ross, former Obama cabinet official and Deputy Secretary of Labor Chris Lu, along with Congressmen Mike Ferguson and Glenn Nye. Former Washington Post publisher Katharine Weymouth also serves on the board. In 2021, the advisory board expanded to include Jayson Kim, General Partner at Legendary Ventures, and Mitch Shue, previously CTO at Morningstar.
Recognition
FiscalNote earned a spot on the CNN 10 startups list in 2014 and was honored with the Technology Pioneer Award at the 2016 annual meeting of the World Economic Forum.
During South Korea's 2017 presidential election, FiscalNote introduced nudepresident.com, an AI-powered platform that connected voters with candidates and successfully forecasted President Moon Jae In's win. The application attracted over five million users within a few weeks.
Later that year, FiscalNote researchers identified millions of fraudulent comments submitted to the FCC amid the net neutrality debate by utilizing natural language processing methods. Paradoxically, many of these comments were later found to have been generated by a FiscalNote subsidiary.
The company frequently releases data-driven analyses evaluating lawmakers' performance. Its technology platform Curate received the "Best Data Innovation in a SaaS Product" accolade at the 2022 SAAS Awards.
Civic technology
Operating within the realm of civic technology, FiscalNote provides organizations and corporations with up-to-date governmental policy information. This service allows businesses to track relevant policies affecting their operations for compliance and strategic decision-making purposes. Furthermore, FiscalNote contributes to enhancing government transparency by making policy developments more accessible to the public, which can foster greater trust. The platform also promotes civic participation by informing citizens about their representatives' policy stances and how these affect everyday life. Its comprehensive datasets support research into government institutions and political ideologies.
Controversy
Critics have pointed out that FiscalNote's premium pricing model may restrict access for individual citizens and smaller lobbying organizations, thereby favoring wealthier entities equipped with advanced intelligence to safeguard their interests. Additionally, some argue that the platform places excessive emphasis on correlations without fully elucidating the reasons behind legislative outcomes. Political scientist John Wilkerson notes that FiscalNote concentrates more on bill progression metrics rather than examining the substantive content of policies.
The Economist Group Partnership and 18% Equity
On August 20, 2018, FiscalNote acquired CQ-Roll Call, Inc and Capitol Advantage LLC from The Economist Group. In exchange, The Economist Group received $80 million in cash, $58.6 million via 12.6% payment-in-kind loan notes due by February 2024, plus an 18.2% minority equity stake in FiscalNote consisting of 46,008 preference shares valued at $41.4 million.
During fiscal year 2020, The Economist Group's ownership stake was reduced by £12 million following FiscalNote’s $54 million capital raise aimed at supporting its expansion phase.
Subsequently, on December 29, 2020, The Economist Group divested its interest in FiscalNote for £52.97 million (equivalent to US$72 million), resulting in a disposal loss amounting to £37.15 million.