A Bloomberg Terminal for government policy and regulatory intelligence.

An S&P Global for policy and geopolitical risk data.

• Government Relations Management: Provides software and data to track legislation, manage advocacy efforts, and engage with policymakers.
• Regulatory & Compliance Intelligence: Offers real-time insights and analytics on global regulatory changes and compliance obligations across various sectors.
• Geopolitical Risk & Market Intelligence: Delivers data and expert analysis on global political, economic, and social risks impacting businesses and investments.
• Stakeholder Engagement & Advocacy: Supplies tools for managing relationships with key stakeholders, mobilizing grassroots support, and executing advocacy campaigns.
• Policy & News Content: Provides access to specialized news, data, and analysis on government, policy, and market developments through various publications and platforms.

FiscalNote (NOTE) primarily sells its data, software, and advisory solutions to other companies and organizations (B2B/B2G), rather than directly to individuals.

While FiscalNote serves a diverse client base of over 5,000 organizations and does not publicly disclose the names of individual major customer companies, it categorizes its customer base into the following primary segments:

• Corporations: Global enterprises, small and medium-sized businesses across various industries that require intelligence on government actions, regulatory changes, legislative developments, and stakeholder engagement to manage risk, ensure compliance, and inform strategic decisions.
• Law Firms: Utilizing FiscalNote's platforms for legal and regulatory research, compliance monitoring, legislative tracking, and litigation intelligence to support their clients.
• Government Agencies & Legislative Bodies: Including federal, state, and local government departments, agencies, and legislative offices that use the services for policy analysis, legislative tracking, constituent engagement, and regulatory oversight.
• Non-profits & Associations: Advocacy groups, trade associations, and non-profit organizations that need to monitor policy, advocate for their causes, understand legislative landscapes, and engage with government stakeholders to further their missions.
• Universities & Academic Institutions: Using FiscalNote's extensive data and platforms for academic research, public policy studies, and educational purposes.

Due to the subscription-based SaaS nature of its business model, FiscalNote typically serves a broad range of clients across these categories, rather than having a few named major customer companies that represent a significant concentration of its revenue.

• Amazon.com, Inc. (NASDAQ: AMZN)

Josh Resnik, CEO & President

Josh Resnik has over twenty-five years of experience as an executive, attorney, and business leader in both startup and established corporate environments. Prior to joining FiscalNote, he served as COO/General Counsel and a board member of Spree Commerce, leading the company to a successful acquisition by First Data Corporation (now Fiserv). He also previously led the Digital division of Gannett and was a senior in-house attorney at AOL. Josh has advised numerous tech startups and a venture capital firm investing in the tech and media ecosystem. He joined FiscalNote in 2018, serving as General Counsel and Chief Content Officer before his appointment as CEO & President, effective January 1, 2025.

Jon Slabaugh, CFO & Chief Investment Officer

Jon Slabaugh brings three decades of experience as an investor, operating executive, and board member in high-growth business intelligence, data, and SaaS workflow companies. Before FiscalNote, he was the Managing Director of UCG, a private holding company, where he managed mergers, acquisitions, divestitures, debt and equity financings, and oversaw the completion and integration of over 30 strategic acquisitions. He also co-founded and served as Managing Director of MCG Capital, an investment company backed by firms including Goldman Sachs Capital Partners and Soros Private Equity Partners, which became a publicly-traded Business Development Company during his tenure.

Tim Hwang, Co-founder & Executive Chairman

Tim Hwang co-founded FiscalNote in early 2013 with two high school friends, deferring his attendance at Harvard Business School to launch the company. Under his leadership, FiscalNote raised over $230 million in venture capital and acquisition financing from funders such as Steve Case, Mark Cuban, The Economist, and S&P Global. Prior to founding FiscalNote, he started his career in politics on the Obama '08 campaign and was elected to the Montgomery County Board of Education at age 17, where he oversaw a budget of over $4 billion. Effective January 1, 2025, he will transition to Executive Chairman.

Gerald Yao, Co-founder & Chief Strategy Officer

Gerald Yao co-founded FiscalNote in early 2013. He guides strategic and corporate culture initiatives and serves as the Global Head of ESG. Previously, Gerald was the director of finance for the National Youth Association.

Can Babaoglu, Chief Product Officer

Can Babaoglu is responsible for managing product strategy and delivery across FiscalNote's markets for policy, regulatory, legal, and strategic and operational risk. He brings nearly two decades of experience in product development, product management, and product-led growth. Before joining FiscalNote, Can served as Vice President for Product at Casetext, a company that was acquired by Thomson Reuters for $650 million in 2023.

The clear emerging threat to FiscalNote is the rapid advancement and increasing accessibility of powerful Large Language Models (LLMs) and generative AI technologies. These general-purpose AI models, developed by companies like OpenAI, Google, and Anthropic, are becoming increasingly proficient at tasks central to FiscalNote's business model, such as:

• Aggregating, processing, and synthesizing vast amounts of legislative, regulatory, and geopolitical data.
• Summarizing complex documents, identifying key trends, and extracting relevant insights.
• Performing impact analysis and predictive modeling based on policy changes.

This poses a threat because these capabilities, previously requiring specialized platforms and domain expertise, could become increasingly commoditized. Organizations may begin to leverage these powerful, adaptable LLMs directly (or via specialized, lower-cost applications built on top of them) to perform internal policy monitoring, stakeholder analysis, and risk assessment tasks. This could reduce the reliance on comprehensive subscription services like FiscalNote, pressure its pricing, and challenge its differentiation by democratizing access to sophisticated data analysis and intelligence.

• The global Enterprise Information Solutions Total Addressable Market (TAM) is cited as $314 billion.
• The global Legal & Regulatory Information TAM is estimated at $40 billion, with another source specifying approximately $37 billion in 2020.
• The global Government Relations Advisory Market is valued at $4.4 billion in 2025 and is projected to reach $8.9 billion by 2033.
• The global Public Affairs and Advocacy Software Market is valued at $1.5 billion in 2025 and is projected to grow to $3.8 billion by the end of 2035. North America is expected to hold a 41.0% market share in this sector. Another estimate for the global Public Affairs and Advocacy Software market projects it to reach $5.6 billion by 2031, increasing from $2.8 billion in 2024. The U.S. Public Affairs and Advocacy Software Market is anticipated to maintain a significant share, growing at a CAGR of 6.7% from 2023 to 2033.
• The global Regulatory Information Management Market is projected to grow from $2.39 billion in 2025 to $6.79 billion by 2035. North America is identified as the largest market for regulatory reporting solutions, accounting for approximately 45% of the global market share.
• The global Regulatory Reporting Solutions Market size is estimated at $6.75 billion in 2024 and is projected to reach $7.58 billion in 2025.
• The global Government Software Market was valued at $40.01 billion in 2023 and is projected to reach $77.21 billion by 2031.

1. Expansion and Adoption of the PolicyNote Platform and AI-Powered Capabilities: The company is heavily focused on its AI-driven PolicyNote platform, which is seeing increased engagement and commitments to multi-year agreements from new corporate customers. FiscalNote continues to launch new AI-powered features within PolicyNote, such as legislative drafting, social listening, an executive orders widget, a tariff tracker, and Bill Comparison for bill analysis. The ongoing migration of customers to PolicyNote is also expected to positively impact revenue.
2. Growth in Customer Acquisition and Engagement: FiscalNote is experiencing increased inbound demand and a strengthening sales pipeline, particularly in Europe. The company has noted improved performance with its corporate clients, leading to sequential growth in annual recurring revenue (ARR) on a pro forma basis. New corporate multi-year contracts for policy data are also accounting for a higher percentage of new logo ARR, indicating successful customer acquisition strategies.
3. Strategic Focus on Core Business and Operational Efficiency: While primarily aimed at improving profitability, FiscalNote's strategy of divesting non-core assets and streamlining operations is positioning the company for "durable, profitable growth." This sharpened focus on the core policy business, including the successful transition to the PolicyNote platform, is expected to maintain high contributions from recurring subscription revenues.
4. Leveraging a Large Addressable Market and Favorable Market Trends: FiscalNote operates within a substantial addressable market, estimated at $314 billion for Enterprise Information Solutions and $40 billion for Legal & Regulatory Information. The company is well-positioned to capitalize on trends driving demand for its solutions, including increasingly complex regulations and the growing adoption of AI technology across various sectors.

Share Issuance

• FiscalNote went public via a SPAC merger in 2022.
• As of March 13, 2023, the company had 125,469,848 shares of Class A common stock and 8,290,921 shares of Class B common stock outstanding.
• By August 4, 2025, the number of Class A common shares outstanding increased to 163,909,082, while Class B shares remained at 8,290,921.

Inbound Investments

• In connection with its public listing in 2022, FiscalNote secured up to $250 million in capital, including $150 million of committed financing at closing and an additional uncommitted accordion facility for $100 million through a senior secured term loan.
• The company's capital management efforts have concentrated on reducing debt, with proceeds from asset sales contributing to the repayment of its Senior Term Loan, decreasing the principal outstanding from $158.2 million to $88.6 million by the end of 2024.

Outbound Investments

• FiscalNote completed the acquisition of Dragonfly, a geopolitical data and security intelligence company, to expand its product offerings and market reach, as noted in its Q4 2022 and FY 2023 outlook.
• In March 2024, FiscalNote sold its Board.org unit to Executive Platforms for $95 million in cash, with an additional $8 million in potential post-closing earn-out compensation.
• In July 2025, FiscalNote divested TimeBase, its Australian subsidiary, to Thomson Reuters for $6.5 million.