FiscalNote, a US-based regulatory data software provider backed by corporates SoftBank, Renren, Jipyong, The Economist Group and S&P Global, agreed yesterday to a reverse merger with special purpose acquisition company Duddell Street Acquisition Corp.
The deal values the combined company at $1.3bn and it will inherit the Nasdaq Capital Market listing secured by Duddell Street when it floated in a $175m initial public offering in October 2020.
Hedge fund manager Maso Capital is anchoring a $100m private placement backing the transaction, participating alongside undisclosed institutional investors.
FiscalNote’s online platform offers users the chance to access a range of financial regulatory data, including news, detailed insights and analytics, in addition to helping them manage interactions with their own stakeholders.
The company raised $40m from investors including Maso Capital, commodities trader CBC Group and Clearvision Ventures, Bloomberg reported in May this year, adding to the $160m debt and equity financing it secured five months earlier.
The first tranche was co-led by Arrowroot Capital and Runway Growth Capital and also featured internet and telecommunications group SoftBank, social media company Renren law firm Jipyong, media company The Economist Group and S&P Global Ventures, part of credit ratings provider S&P Global.
Visionnaire Ventures, Green Visor Capital, Winklevoss Capital Management, First Round Capital, New Enterprise Associates (NEA), GPO Fund, 8090 Partners, Tech Pioneers Fund, Rise of the Rest, Nautilus Ventures, Voyager Capital, Regal Funds Management, Lakebridge Equity Partners, PGS Korea, Firetrail Investments, Thorney Investments, Escondido Ventures and Pure Asset Management filled out the December close.
FiscalNote had previously received $28m in funding from Renren, Visionnaire Ventures, Green Visor Capital, NEA, 645 Ventures, Plug and Play, SF Capital, Perle Ventures, Conversion Capital, Winklevoss Capital, Enspire Capital, Middleland Capital, AME Cloud Ventures, Jerry Yang and Mark Cuban as of 2016.
