Who Owns FiscalNote Company?

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Who Owns FiscalNote?

Understanding a company's ownership is key to grasping its strategy and accountability. A significant event was FiscalNote's NYSE listing in August 2022 via a SPAC deal, valuing it at about $1.3 billion.

Founded in 2013, FiscalNote offers data services to help organizations manage government risk and opportunity by analyzing policy information. This allows clients to track policy changes and their effects.

As of July 18, 2025, FiscalNote Holdings has a market capitalization of approximately $112.86 million. This analysis explores the changes in FiscalNote's ownership, from its early investors to its current public and institutional shareholders, to understand its path forward.

The company's suite of tools, including those that facilitate a FiscalNote Porter's Five Forces Analysis, are designed to provide critical market insights.

FiscalNote was co-founded in 2013 by former high schoolmates Timothy Hwang, Gerald Yao, and Jonathan Chen. The company's early operations began in a Motel 6 in Silicon Valley, where the initial product was developed.

Early Seed Funding

Mark Cuban provided the initial seed funding of $740,000 in late 2013 after receiving a cold email from co-founder Timothy Hwang.

Notable Early Investors

Other significant early investors included New Enterprise Associates (NEA), Yahoo co-founder Jerry Yang via AME Ventures, and First Round Capital's Dorm Room Fund.

Total Seed Round

The total seed round funding amounted to $1.3 million, expanding the ownership base beyond the founders.

First Institutional Financing

In the fall of 2014, the company secured its first institutional financing round, raising $7 million.

Key Participants in Series A

This round saw participation from prominent investors such as Steve Case (Rise of the Rest Fund), Visionnaire Ventures, Jerry Yang, Mark Cuban, NEA, Winklevoss Capital Management, Enspire Capital, Green Visor Capital, and Middleland Capital.

Ownership Expansion

These early investments indicate a swift broadening of FiscalNote's ownership structure to include a mix of angel investors and venture capital firms.

The early stages of FiscalNote's ownership were characterized by a concentrated group of founders and a rapid influx of capital from influential angel investors and venture capital firms. This initial funding was crucial for product development and market entry, laying the groundwork for future growth and establishing a diverse set of early stakeholders in the company's FiscalNote ownership.

Founders and Early Backers

The company's inception was driven by the vision of its co-founders, who quickly attracted significant early-stage investment. Understanding who owns FiscalNote begins with recognizing these foundational relationships.

• Co-founders: Timothy Hwang, Gerald Yao, and Jonathan Chen.
• Initial Seed Investor: Mark Cuban, with an investment of $740,000.
• Other Early Seed Investors: New Enterprise Associates (NEA), Jerry Yang (AME Ventures), Dorm Room Fund.
• Series A Investors: Steve Case (Rise of the Rest Fund), Visionnaire Ventures, Jerry Yang, Mark Cuban, NEA, Winklevoss Capital Management, Enspire Capital, Green Visor Capital, Middleland Capital.
• The Competitors Landscape of FiscalNote highlights the dynamic market in which these early investors placed their confidence.

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FiscalNote's journey from a private startup to a publicly traded entity has reshaped its ownership landscape. Key milestones include significant funding rounds and a pivotal SPAC merger, culminating in its listing on the New York Stock Exchange.

The ownership structure of FiscalNote has seen substantial shifts, particularly with its transition to a public company. This evolution involved attracting significant capital and bringing in strategic investors who continue to hold substantial stakes.

Understanding FiscalNote's Ownership and Control

FiscalNote's ownership is a blend of institutional backing and significant insider holdings, reflecting its growth and public market debut.

• FiscalNote became a publicly listed company in August 2022 on the NYSE under the ticker 'NOTE'.
• Institutional investors collectively own over 54% of the company's stock as of July 2025.
• Manoj Jain is the largest individual shareholder, holding approximately 37.28% of FiscalNote's shares.
• Insiders, including co-founder Tim Hwang and Keith Nilsson, collectively possess around 80.53% of the company's stock.
• The company's ownership history includes substantial growth capital and debt financing rounds prior to its public listing, with notable early investors such as Mark Cuban and Jerry Yang.

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FiscalNote's Board of Directors is instrumental in guiding the company's strategic path, comprising representatives from significant shareholders, the founding team, and independent directors. As of early 2025, the board composition has been adjusted, with the departure of Conrad Yiu on December 31, 2024, bringing the total number of directors to nine.

The governance structure of FiscalNote involves key individuals who hold significant influence. Timothy Hwang, a co-founder, transitioned to Executive Chairman, while fellow co-founder Gerald Yao also serves as a director. Manoj Jain, representing Maso Capital, a notable institutional investor, also sits on the board, indicating a strong link between major shareholders and the company's leadership. Josh Resnik, the current CEO and President, is also a director. While specific details regarding dual-class share structures are not readily available in recent public filings, the substantial ownership by insiders and major investors like Maso Capital suggests a concentrated voting power, crucial for understanding Target Market of FiscalNote and overall FiscalNote company ownership.

Understanding FiscalNote's Board and Voting Power

The composition of FiscalNote's board reflects a blend of founder influence and significant investor representation. This structure is key to understanding FiscalNote ownership and strategic decisions.

• Co-founders Timothy Hwang and Gerald Yao are integral to the board.
• Manoj Jain's presence signifies the influence of institutional investors like Maso Capital.
• The board size was adjusted to nine members as of early 2025.
• Understanding FiscalNote stock ownership breakdown is vital for assessing voting power.
• SEC filings, such as those in April 2025, offer insights into FiscalNote's ownership structure.

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FiscalNote has seen notable shifts in its ownership structure over the past few years, driven by strategic divestitures and leadership changes. These moves aim to refine operations and strengthen the company's financial standing.

The company's strategic divestitures, including Board.org in March 2024 and Aicel Technologies in October 2024, generated substantial cash. This capital was instrumental in reducing the Senior Term Loan from $158.2 million to $88.6 million by the close of 2024. Further reinforcing this strategy, FiscalNote agreed in February 2025 to sell Oxford Analytica and Dragonfly Intelligence for $40.0 million, with the transaction expected to conclude by March 2025. Additionally, the Australian subsidiary, TimeBase, was slated for sale to Thomson Reuters Corporation for $6.5 million following an agreement in May 2025. While these sales led to a revenue decrease to $120.3 million in 2024 from $132.6 million in 2023, they are designed to enhance operational efficiency and expedite the company's journey towards positive free cash flow. In a significant leadership transition, co-founder and CEO Tim Hwang moved to Executive Chairman, with Josh Resnik assuming the roles of CEO and President effective January 1, 2025, signaling a new phase of growth. As of July 2025, institutional investors held over 60 million shares, representing approximately 40.24% of outstanding shares, while insiders owned a substantial 80.53%. The stock price stood at $0.75 as of July 21, 2025, a notable decrease from $1.86 on July 22, 2024. The Board of Directors is actively exploring strategic avenues to maximize shareholder value, a process that can be further understood by reviewing the Brief History of FiscalNote.

Institutional Ownership Snapshot

As of July 2025, 169 institutional owners collectively manage over 60 million shares. This significant stake accounts for approximately 40.24% of the company's total outstanding shares, excluding specific filings.

Insider Holdings and Management Transition

Insiders hold a commanding 80.53% of the company's stock as of July 2025. A key leadership change saw Tim Hwang transition to Executive Chairman, with Josh Resnik becoming CEO and President in early 2025.

Stock Performance and Strategic Review

The company's stock price experienced a significant decline, trading at $0.75 on July 21, 2025, down from $1.86 a year prior. The Board is actively reviewing all strategic options to enhance shareholder value.

Divestiture Strategy and Financial Impact

Recent divestitures, including Board.org and Aicel Technologies, generated cash to reduce debt. Further sales of Oxford Analytica, Dragonfly Intelligence, and TimeBase are expected to improve financial efficiency.

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