FiscalNote raises $10 million in Series B funding, led by social media titan Renren

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DC-based tech startup finds success disrupting the open data analytics market using artificial intelligence to forecast legislative outcomes; announces second round of funding in two months.

“FiscalNote is the future of cutting-edge, open data engineering and analytics,” said Renren’s Chairman and CEO Joseph Chen.

FiscalNote, a high growth technology startup, announced $10 million of Series B funding today. The publicly traded Chinese social network Renren, who led the deal, will join early investors including Visionnaire Ventures, New Enterprise Associates, Jerry Yang/AME Cloud Ventures, Steve Case, and Mark Cuban.

This news comes just two months after FiscalNote’s November 19 announcement of $7 million in Series A funding.

“FiscalNote is the future of cutting-edge, open data engineering and analytics,” said Renren’s Chairman and CEO Joseph Chen. “We are excited to partner with them as they rapidly expand into new markets.”

Just 18 months old, and already recognized by CNN as a top ten startup for 2014, FiscalNote is prepared for large growth in 2015.

“This will be a breakout year for FiscalNote,” said co-founder and CEO Tim Hwang, 22. “While we did not need the capital, we decided to take advantage of the massive growth we’ve been seeing. We anticipate aggressively hiring top talent, developing and releasing new products, and taking steps toward new markets, both domestic and international.”

Recognized for its powerful legislative searching, tracking, and forecasting product, Prophecy, FiscalNote will also introduce a regulatory product, Sonar, later this year. FiscalNote’s current product suite is used by a growing customer base that includes Uber, both the Democratic and Republican Governors Associations, VMWare, Planned Parenthood, United Therapeutics, Allergan, Auction.com, and the Natural Resources Defense Council.

About FiscalNote
Founded in 2013, DC-based FiscalNote aims to unlock open data and make it useful across industries by leveraging cutting-edge artificial intelligence and beautiful design to connect organizations to the information they need. Its first product, Prophecy, automatically aggregates and standardizes legislative data from across the United States, while also forecasting legislative outcomes in real time with over 94% accuracy. In providing mission-critical products for every organization, FiscalNote hopes to foster a more transparent political and legal system in the process.

About RenRen Inc.
Renren Inc. operates a leading real name social networking Internet platform in China. It enables users to connect and communicate with each other, share information and user generated content, play online games, watch videos and enjoy a wide range of other features and services. Renren's businesses primarily include the main social networking website renren.com and the game development and operating platform Renren Games. Renren.com had approximately 219 million activated users as of September 30, 2014.

Contact: Mike Stubbs
Email: press(at)fiscalnote(dot)com
Phone: 888.567.2961

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Mike Stubbs
FiscalNote
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Amy Plumley
FiscalNote
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since: 04/2013
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