FiscalNote is an AI-driven enterprise SaaS company that delivers legal, regulatory, and geopolitical policy intelligence to corporations, governments, and nonprofits. Its platform aggregates and analyzes legislation, regulations, court rulings, and global policy data to help customers manage government-related risk and opportunity. Brands under FiscalNote include CQ, Roll Call, Oxford Analytica, Dragonfly, and FrontierView. Founded in 2013 by Timothy Hwang, Gerald Yao, and Jonathan Chen, the company became publicly traded on the NYSE under ticker NOTE in August 2022 via a SPAC merger with Duddell Street Acquisition Corp. In March 2026 NYSE commenced delisting proceedings after the stock fell below the $1.00 minimum threshold; shares moved to OTC markets while the company pursues an appeal and an organizational transformation including a ~25% workforce reduction.
FiscalNote is publicly traded
This company is no longer available on our private secondary market. Shares can be traded publicly under its listed ticker.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2013
Employees
300–500
Total Funding
$350.3M
8 rounds
Latest Valuation
$1.3B
July 29, 2022
Total raised $350.3M across 8 rounds
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Last updated 06-25-2026
Latest Round
Type
PIPE alongside SPAC
Date
July 29, 2022
Amount
$100M
Valuation
$1.3B
Lead Investors
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| July 29, 2022 | PIPE alongside SPAC | $100M | $1.3B | Maso Capital |
| December 4, 2020 | Growth (debt + equity) | $160M | — | |
| September 1, 2018 | Series E (Unicorn round) | $40M | $1B |
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Valuation indexed to 1.0× at the selected entry round. Valuation marks are estimates and may contain errors. Hover each dot to compare.
Entry · Series E (Unicorn round)
$1B
Sep 2018
FiscalNote today
$1.3B
Jul 2022 · latest mark
FiscalNote multiple
1.3x
valuation uplift since first round
Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.
Competitor list is illustrative and may be incomplete, stale, or erroneous.
Bloomberg Government (BGOV)
Subscription policy/legislative intelligence platform from Bloomberg L.P. focused on U.S. federal government news, bill tracking, lobbying, and analytics; a primary head-to-head competitor with FiscalNote's CQ Roll Call and core policy products.
Quorum
Public affairs and stakeholder-engagement SaaS for legislative tracking, grassroots advocacy, and PAC/lobbying workflows; widely cited as FiscalNote's most direct public-affairs-software rival.
Thomson Reuters
Provides legal, tax, regulatory, and news products (Westlaw, Practical Law, Checkpoint) that overlap FiscalNote's regulatory/compliance intelligence offering, particularly in regulated industries.
LegiStorm
Congressional and state lobbying intelligence platform combining staff/contact directories, lobbying disclosures, and bill tracking; positioned as a lower-cost U.S.-focused alternative to FiscalNote and BGOV.
Plural Policy (formerly OpenStates/Phone2Action lineage)
Modern legislative tracking and advocacy platform with strong state-level coverage; an emerging competitor in the public affairs SaaS category.
POLITICO Pro
Premium subscription policy news, bill tracking, and analytics product from POLITICO; competes with CQ Roll Call (a FiscalNote brand) and FiscalNote's policy intelligence for Washington-focused subscribers.
FiscalNote went public via SPAC merger with Duddell Street Acquisition Corp. on July 29, 2022, with shares beginning to trade on NYSE under ticker NOTE on August 1, 2022 at a ~$1.3B pro forma valuation. The user-supplied premise that FiscalNote was taken private by Sagewind/Sentire Capital in 2024 could not be verified and appears incorrect. The company remained publicly listed throughout 2024 and 2025. On March 25, 2026, the NYSE commenced delisting proceedings because the 30-day average closing price of NOTE Class A common stock fell below $1.00; trading was suspended on the NYSE and shares began trading on OTC markets (still under ticker NOTE) on March 26, 2026. FiscalNote is appealing the determination to the NYSE Listing Qualifications Panel. The company is undertaking an organizational transformation including a ~25% workforce reduction (~100+ employees) and ~19% reduction in cash operating costs, targeting positive free cash flow by Q1 2027. 2025 revenue was $95.4M (down from $120.3M in 2024, partly due to divestitures), with a net loss of $81.8M; 2026 revenue guidance is $80M-$83M.
FiscalNote shares can be purchased through any standard brokerage account — including Fidelity, Charles Schwab, TD Ameritrade, and online platforms like Robinhood or E*TRADE. Search for the ticker to place an order.
FiscalNote had a valuation of approximately $1.3B at the time of its public offering. Current market capitalization fluctuates with the share price.
FiscalNote raised $350.3M across 8 disclosed funding rounds prior to its public listing.
FiscalNote was co-founded by Tim Hwang, and Gerald Yao in 2013.
FiscalNote is headquartered in Washington, DC, USA.
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