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Press Release

FiscalNote Secures $160 Million in Financing and Growth Capital

Led by Arrowroot Capital and Runway Growth Capital, the funding will fuel continued international growth, future acquisitions and expansion of core products and services.

WASHINGTON, DC – December 4, 2020 – FiscalNote, a global technology company that provides software and political intelligence around legislative and regulatory risk, announced that it has secured $160 million in growth capital and debt financing led by Arrowroot Capital and Runway Growth Capital. Amidst macroeconomic and public health uncertainty brought on by the COVID-19 pandemic -- as well as heightened political tensions around the world -- FiscalNote continues to amplify its capacity to meet increasing demand for deeper domestic and international political and regulatory information. 

The completion of this funding coincides with a contentious set of U.S. elections and what promises to be an unpredictable 2021. Current clients such as the U.S. Centers for Disease Control and Prevention, the Federal Reserve Board, 3M, AstraZeneca, and the American Hospital Association rely on FiscalNote’s products and services to quickly understand and respond to today’s rapidly evolving political and regulatory environment. 

“Now more than ever, our products and services have proven critical for organizations dealing with extreme uncertainty around the world. With Arrowroot Capital and Runway Growth Capital, we are thrilled to have gained such capable partners who share in our vision to be the leading technology provider of policy and regulatory information.”

Tim Hwang - current, Co-founder & CEO, FiscalNote

When dealing with everything from local public policy responses to potential federal government bailouts, more than 4,000 clients rely on FiscalNote products to navigate uncertainty, access mission-critical information to do their jobs, and collaborate internally and externally to advocate for their most important issues. In mid-March, at the height of the crisis when cities and states began rapidly shutting down businesses and imposing lockdowns, FiscalNote’s advocacy products saw an incredible 1,894% increase in usage. Among enterprise clients, average contract values increased by 18% during the same time period. The percentage of enterprise clients engaging in multi-year deals also grew from 48% to 65%. Organizations are engaging with FiscalNote products more frequently, paying more, and signing on for longer.

“Now more than ever, our products and services have proven critical for organizations dealing with extreme uncertainty around the world,” said FiscalNote founder and CEO, Tim Hwang. “With Arrowroot Capital and Runway Growth Capital, we are thrilled to have gained such capable partners who share in our vision to be the leading technology provider of policy and regulatory information.”

Both Arrowroot and Runway were attracted by FiscalNote’s ability to leverage technological innovation in the policy information space and were impressed at how it has not only captured the current market, but is also expanding into new ones as well. 

“FiscalNote has become the clear leader in the political and regulatory software space,” Arrowroot Capital’s founder and Managing Partner, Matthew Safaii said. “The long list of blue chip customers across the Fortune 500, government and non-profit sectors speaks to the value FiscalNote brings to their customer base. We are excited to have the opportunity to invest in the business and support the company’s continued growth.”

According to Runway Growth Capital’s Mark Donnelly, “The trajectory of FiscalNote’s growth to date has been impressive, but what's even more exciting is the company's market potential. Tim and his team have built a market-leading data platform and have a clear vision to expand upon their current suite of products and services. We are thrilled to partner with them to fundamentally change the way organizations globally manage and strategically respond to legislative and regulatory risk.”

The growth capital and newly expanded credit facility will fuel further development of technologies and services to meet increasing demand for broader and deeper regulatory information, drive additional strategic acquisitions, expedite expansion into new international markets, and refinance existing debt. Arrowroot and Runway were joined by an influential list of equity investors and funds that included Carlos Gutierrez (former U.S. Secretary of Commerce), Katharine Weymouth (former Publisher/CEO of the Washington Post), Ron Gula (founder and former CEO of Tenable, NASDAQ: TENB), Tom Monahan (former CEO of CEB, acquired by Gartner for $2.6 billion), Daniel Nadler (founder and former CEO of Kensho, acquired by S&P Global for $550 million), GPO Fund, 8090 Partners, Tech Pioneers Fund, Rise of the Rest, Nautilus Ventures, Voyager Capital, Jipyong, Regal Funds Management, Lakebridge Equity Partners, PGS Korea, Firetrail Investments, Thorney Investments, Escondido Ventures, and Pure Asset Management. They join an already stellar group of FiscalNote investors that includes Mark Cuban, Jerry Yang, S&P Global Ventures, Visionnaire Ventures, Renren/Softbank, Green Visor Capital, Winklevoss Capital Management, The Economist Group, First Round Capital’s Dorm Room Fund, and New Enterprise Associates (NEA).

About FiscalNote
FiscalNote is a global technology company focused on delivering timely and relevant political and regulatory intelligence in a complex and evolving world. More than 4,000 clients worldwide rely on FiscalNote for legislative and regulatory data, policy news & analysis, stakeholder management, collaboration and advocacy tools. 

To learn more about FiscalNote and its family of brands, visit 

Arrowroot Capital
Arrowroot Capital is a global growth equity firm based in Los Angeles, CA, focused on minority, majority, and buyout investments in B2B software companies. The firm serves as a catalyst for growth-related initiatives by partnering with management and leveraging its deep enterprise software expertise to deliver meaningful, tangible value. Arrowroot targets initial equity investments up to $50 million and has the flexibility to pursue larger opportunities as well as a broad range of transaction types. Arrowroot also targets add-on acquisitions for its portfolio companies with a wider range of size and general criteria. Learn more at

About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Credit Fund Inc., that are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more on Runway Growth Capital LLC and its platform, please visit our website at

Media Contact
Mike Stubbs