D.C. legislative and regulatory dashboard FiscalNote Inc., which owns CQ Roll Call, has raised $160 million in new funding.
The round, a mixture of growth capital and debt financing announced Friday, was led by Arrowroot Capital Management LLC and Runway Growth Capital. The funding brings FiscalNote's total raised to date to more than $347 million, according to data from venture analytics firm PitchBook.
The company said the round will help the company further develop its technologies and services, drive additional acquisitions, expand into new international markets and refinance existing debt.
“Now more than ever, our products and services have proven critical for organizations dealing with extreme uncertainty around the world,” FiscalNote founder and CEO Tim Hwang said in a statement.
Additional investors in the round include former U.S. Secretary of Commerce Carlos Gutierrez, former Washington Post Publisher Katharine Weymouth, former Tenable Inc. CEO and founder Ron Gula, former CEB CEO Tom Monahan, Revolution’s Rise of the Rest Fund and others.
The company — which includes retired Army Gen. Stanley McChrystal, Xplorer Capital co-founder Keith Nilsson and The Economist Group CEO Lara Boro as board members — said it's raised funding from 182 funders for a nearly $75 million tranche of the investment that's been active since January 2019. FiscalNote, which bought CQ Roll Call in 2018, counts Southwest Airlines, Nestle, Trinity Health, National Education Association, International Code Council and the United Negro College Fund as clients.
The new funding comes after the company was approved in April for a Paycheck Protection Program loan, which Small Business Administration data says was for $8 million. Around that time, FiscalNote had laid off roughly 30 CQ Roll Call staffers, according to media reports.
The company had a turbulent 2019, but in early 2020, Hwang said the company was planning aggressive growth. In November 2019, he confirmed FiscalNote had raised $92 million in funding from convertible notes as part of a broader plan he's long held to take the company public.
