FiscalNote Bundle
What is FiscalNote's Origin Story?
FiscalNote emerged in 2013 with a clear mission: to demystify government relations through technology. Its founders envisioned a powerful platform to track and analyze policy changes, offering crucial insights to businesses.
Starting from a modest motel room, the company rapidly scaled, aiming to become the definitive source for policy intelligence. This ambition fueled its growth into a significant player in the RegTech space.
What is the brief history of FiscalNote Company?
Founded in 2013, FiscalNote aimed to create a 'Bloomberg terminal' for policy information. It has since grown into a publicly traded company headquartered in Washington, D.C., serving around 5,000 customers globally, including more than half of the Fortune 100. Its core offering, the FiscalNote GRM service, utilizes AI to process extensive data, aiding clients in navigating legislative and regulatory landscapes. Understanding the competitive forces is key, as highlighted in a FiscalNote Porter's Five Forces Analysis.
What is the FiscalNote Founding Story?
The FiscalNote company history began in June 2013, established by high school friends Timothy Hwang, Gerald Yao, and Jonathan Chen. Their shared experience, particularly Hwang's work on political campaigns, highlighted a significant need for better tools to track and analyze U.S. legislation, forming the core of the FiscalNote founding vision.
The Genesis of FiscalNote
FiscalNote's journey started with a clear objective: to bring transparency and efficiency to government policy tracking. The founders, driven by a desire to improve access to legislative information, laid the groundwork for what would become a leading platform in the policy intelligence space.
- Founded in June 2013 by Timothy Hwang, Gerald Yao, and Jonathan Chen.
- Initial concept stemmed from Timothy Hwang's political campaign experience.
- Bootstrapped with a few thousand dollars, operating from a Motel 6.
- Focused on real-time analysis of state and local government actions.
Timothy Hwang, while still a junior at Princeton, brought his classmates Chen and Yao to Silicon Valley to develop their idea. They bootstrapped the business with a modest sum, initially working out of a Motel 6 in Sunnyvale, California. The company's early business model was built around using machine learning and natural language processing to provide real-time analysis of government actions at the state and local levels. This period also saw a pivotal moment in the Marketing Strategy of FiscalNote when Hwang directly contacted Mark Cuban, leading to Cuban becoming their first investor.
The initial seed funding round, which closed in late 2013, secured $1.3 million. This crucial early investment came from notable figures and firms including Mark Cuban, New Enterprise Associates (NEA), Yahoo co-founder Jerry Yang, and First Round Capital's Dorm Room Fund. The diverse backgrounds of the founding team, combined with Hwang's practical political experience, provided a strong foundation for addressing a clear market gap in government transparency and policy intelligence.
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What Drove the Early Growth of FiscalNote?
Following its initial seed funding, the company relocated its headquarters to Washington, D.C. in September 2013, a move driven by substantial customer interest in the capital region. This strategic positioning facilitated rapid growth and market penetration.
Early Funding and Client Acquisition
In the fall of 2014, the company secured $7 million in its first institutional financing round. Early expansion focused on enhancing its core legislative tracking services, attracting major clients including Fortune 500 companies, national advocacy groups, and financial institutions, laying the groundwork for its Revenue Streams & Business Model of FiscalNote.
Continued Capital Growth and International Reach
Further capital was raised with a $10 million round in February 2016, led by Green Visor and Visionnaire, alongside a strategic investment from MoneyToday Media. International expansion commenced in May 2017 with data sets for Australia and New Zealand, followed by Argentina, Canada, Chile, India, and the United Kingdom in July 2017.
Strategic Acquisitions and Media Entry
Key acquisitions bolstered early expansion, notably VoterVoice in August 2017, which added 1,100 customers and expanded into the advocacy sector. The acquisition of Brussels-based Shungham in January 2018 established a European Union presence. A significant strategic move in July 2018 involved acquiring Congressional Quarterly and Roll Call from The Economist Group, providing stable revenue and media market entry.
Public Offering and Recent Performance
By December 2020, the company had secured $160 million in growth capital and debt financing to support international expansion and future acquisitions. A major milestone was achieved with its public listing on the NYSE on August 1, 2022. In Q1 2025, the company reported total revenues of $27.5 million, surpassing guidance, and a positive adjusted EBITDA of $2.8 million.
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What are the key Milestones in FiscalNote history?
The FiscalNote company history is marked by significant milestones achieved through continuous innovation and strategic acquisitions, all while navigating market challenges. A foundational innovation was its AI platform, designed to analyze U.S. legislation by examining key phrases, comparing bills, and reviewing legislator voting records. This fundamentally altered how organizations engage with government processes.
| Year | Milestone |
|---|---|
| 2021 | Acquired Oxford Analytica, Forge.AI, and Curate, expanding its global reach and AI capabilities. |
| 2022 | Acquired Aicel Technology, further broadening its alternative data sources and AI expertise. |
| 2024 | Achieved its first full year of positive adjusted EBITDA, reporting $9.8 million. |
| 2024-2025 | Divested non-core assets including Board.org, ASIL, Oxford Analytica, Dragonfly Intelligence, and TimeBase to focus on core policy offerings. |
| January 2025 | Launched PolicyNote, a consolidated platform showing increased customer engagement and new corporate commitments at more than double the previous year's rate. |
Key innovations include the development of its AI platform, which analyzes U.S. legislation, and the recent launch of PolicyNote in January 2025. PolicyNote consolidates multiple legacy platforms and introduces new AI-powered tools like an executive orders widget and a tariff tracker, enhancing customer engagement and product offerings.
AI-Powered Legislation Analysis
The company's core AI platform analyzes U.S. legislation by identifying key phrases, comparing bills, and reviewing legislator voting records.
PolicyNote Platform Launch
The January 2025 launch consolidated legacy platforms, leading to increased customer engagement and faster acquisition of new corporate clients.
Executive Orders Widget
This AI-powered tool provides users with insights and tracking capabilities for executive orders issued by government bodies.
Tariff Tracker
An AI-driven tool designed to monitor and analyze changes in tariffs, offering valuable data for businesses.
Global Expansion via Acquisitions
Through 14 acquisitions by April 2025, including significant ones like Oxford Analytica and Forge.AI, the company expanded its global footprint and data analysis capabilities.
Customer Base Growth
The company now serves approximately 5,000 customers worldwide, indicating substantial market penetration and adoption of its services.
Challenges faced by the company include market volatility affecting corporate spending, competitive pressures, and the ongoing need for cost management. The company has actively addressed these by streamlining operations and divesting non-core assets, aiming to enhance focus and financial health, reflecting lessons learned in Mission, Vision & Core Values of FiscalNote and driving sustainable growth.
Market Volatility Impact
Economic fluctuations have influenced corporate buying decisions, presenting a challenge for consistent revenue growth.
Competitive Landscape
Navigating a competitive market requires continuous innovation and strategic positioning to maintain market share.
Cost Management and Efficiency
The company has focused on cost management, including business streamlining and divestitures, to improve operational efficiency and profitability.
Debt Reduction Strategy
A significant reduction in senior term loan debt by $96 million since the end of 2023 demonstrates a commitment to strengthening the balance sheet.
Strategic Divestitures
Divesting assets like Board.org and Oxford Analytica in 2024 and 2025 allows for a sharper focus on the core policy offering.
Achieving Profitability
The milestone of achieving its first full year of positive adjusted EBITDA in 2024 signifies a crucial step in the company's financial turnaround and growth strategy.
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What is the Timeline of Key Events for FiscalNote?
The FiscalNote company overview highlights a journey of consistent innovation and strategic expansion since its founding. This Brief History of FiscalNote details key milestones in its evolution.
| Year | Key Event |
|---|---|
| 2013 | Founded by Timothy Hwang, Gerald Yao, and Jonathan Chen; received seed funding including from Mark Cuban. |
| 2014 | Raised $7 million in its first institutional financing round. |
| 2017 | Expanded operations internationally to Australia and New Zealand. |
| 2018 | Acquired Congressional Quarterly and Roll Call, expanding its media and data offerings. |
| 2020 | Secured $160 million in growth capital and debt financing. |
| 2021 | Acquired Oxford Analytica, further broadening its global intelligence capabilities. |
| 2022 | Became a publicly listed company on the NYSE on August 1st. |
| 2025 | Launched PolicyNote, an AI-focused platform, and saw leadership changes with Josh Resnik becoming CEO. |
Financial Performance and Growth Projections
In Q1 2025, the company reported $27.5 million in revenue and $2.8 million adjusted EBITDA. FiscalNote reaffirmed its full-year 2025 revenue forecast between $94 million and $100 million.
Strategic Initiatives and Future Outlook
The company is focused on sustained growth and profitability, targeting positive free cash flow and substantial revenue growth in 2026. Investments in AI-powered legislative drafting tools and stablecoin integration for global payments are key priorities.
Market Expectations and Analyst Targets
Analysts project an average twelve-month stock price target of $2.63 for FiscalNote, with a high forecast of $5.00. This indicates potential upside from current trading levels.
Vision and Long-Term Strategy
FiscalNote's forward-looking strategy aligns with its founding vision of fostering a more transparent and knowledgeable world. This is achieved by leveraging technology to deliver critical insights into policy and global intelligence.
FiscalNote Porter's Five Forces Analysis
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