Arrowroot Capital and Runway Growth Capital provided $160 million in growth capital and debt financing to FiscalNote, a global technology company providing software and political intelligence around legislative and regulatory risk.
FiscalNote’s clients include the U.S. Centers for Disease Control and Prevention, the Federal Reserve Board, 3M, AstraZeneca and the American Hospital Association.
FiscalNote’s advocacy products increased in usage by 1,894% in mid-March. 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%.
“Now, more than ever, our products and services have proven critical for organizations dealing with extreme uncertainty around the world,” Tim Hwang, CEO and founder of FiscalNote, said. “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.”
“FiscalNote has become the clear leader in the political and regulatory software space,” Matthew Safaii, founder and managing partner at Arrowroot, 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.”
“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,” Mark Donnelly of Runway Growth Capital said.
Arrowroot Capital is a Los Angeles-based global growth equity firm focused on minority, majority and buyout investments in B2B software companies.
Runway Growth Capital is the investment advisor to investment funds — including Runway Growth Credit Fund — that are lenders of growth capital to companies seeking an alternative to raising equity.
