Last week, we were thrilled to announce our investment in FiscalNote, a legislation-tracking startup founded by Princeton senior Tim Hwang, joining a $1.2M round led by Mark Cuban and New Enterprise Associates. Supporting companies like FiscalNote is exactly what we have sought to do at the Dorm Room Fund since its inception – this is an entrepreneurial, student-led team (Gerald Yao and Jonathan Chen are Tim’s co-founders) that has an opportunity to have a big impact on how organizations interact with the government.
I am most excited about FiscalNote because it exemplifies “founder-market fit.” I have known Tim since freshman year, and this is the company he was born to found. Tim is perhaps one of the most politically-engaged students of his age in the country: he has served on his local school board (which oversaw a $2.4-billion operating budget for 150,000 students) and founded the National Youth Association, an advocacy organization representing more than 750,000 American young people. He is also a serial entrepreneur who has started and sold companies – in FiscalNote, he is merging these two passions.
So, Tim was uniquely suited to see a big need: legislation and regulations at the local and state level have a dramatic impact on thousands of organizations, but monitoring the progress of legislation required manually wading through information on 50 state houses and thousands of municipalities. FiscalNote puts all the information in one place, and can even predict the likelihood of passage for bills, allowing organizations to focus on the legislation that will most likely affect them.
We are excited to partner with Tim and his amazing team as they build technology to do something that really matters.