WOODSIDE, Calif., December 7, 2020 — Runway Growth Capital LLC (“Runway”), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, announced today the close of a senior secured term loan of $40 million to FiscalNote, a global technology company that provides software and political intelligence around legislative and regulatory risk.

Runway joins Arrowroot Capital to lead the funding round to enable FiscalNote to further develop technology and services, drive additional strategic acquisitions, and expedite expansion into new international markets.

FiscalNote uses powerful machine learning to provide clients with timely policy information and insights to more effectively navigate market risk and uncertainty. FiscalNote is the go-to organization for products and services dealing with political risk and uncertainty.

“We have been impressed with FiscalNote’s growth trajectory to date, and we are excited that they chose Runway as a partner to help them realize their vision and market potential,” said Mark Donnelly, Managing Director, Head of Origination at Runway. “The FiscalNote team has a clear vision and an impressive list of Fortune 500 customers, making them the premier technology provider of policy information that replaces the first principles for how organizations across the world manage and act on legislative and regulatory risk.”

Runway provided minimally dilutive capital to help support FiscalNote’s continued international growth, future acquisitions, the refinance of an existing credit facility, and an expansion of core products and services.

“We are very excited by our momentum in terms of revenue growth and enhancements to our market leading solutions for managing and acting on legislative and regulatory risk,” said Tim Hwang, founder and CEO of FiscalNote. “This infusion of capital from Runway validates our momentum and the market opportunity that exists to develop new products and services that enhance our clients’ risk mitigation and opportunity development strategies.”

About Runway Growth Capital LLC

Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Credit Fund Inc., that are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provides senior term loans of $10 million to $50 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission made by funds that Runway manages. Runway undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

About FiscalNote

FiscalNote is a global technology company focused on delivering timely and relevant political and regulatory intelligence in a complex and evolving world. More than 4,000 clients worldwide rely on FiscalNote for legislative and regulatory data, policy news & analysis, stakeholder management, collaboration and advocacy tools.

To learn more about FiscalNote and its family of brands


Jay Kolbe, Co-Founder and Senior Managing Partner, Impact Partners