Keep pulling the thread on Chris Hladczuk.
Hanover Park grew its assets on platform from zero to $15 billion in 20 months.
Chris Hladczuk believes the traditional B2B SaaS business model is dead.
Hanover Park raised a $27 million Series A funding round led by Emergence Capital, with participation from Lux Capital and Sousa Ventures.
Chris Hladczuk predicts a market reckoning will occur in 2026 for "AI native services" businesses that are growing revenue without successfully productizing their service delivery layer.
Emergence Capital's investment memo for Hanover Park's Series A stated that the company has an opportunity to become as large as Viva, the world's largest vertical software business.
Hanover Park's long-term goal is to become the most important vendor for major investment firms like Blackstone, KKR, and Vista Equity Partners.
Chain Guard grew from zero to $40 million in revenue in two years.
Thin-layer SaaS products built on data that the provider does not own are being disrupted by large language models like Claude.
Hanover Park grew its assets on platform from approximately $1 billion to $7 billion in late 2023.
Traditional fund administration firms operate with large teams of human accountants using disconnected SaaS tools like QuickBooks, Excel, and bill.com, and do not have internal engineering teams.
Hanover Park's operational model uses AI to prepare financial reports and other tasks, with human fund accountants reviewing the outputs for accuracy.
AI agents are incapable of effectively navigating and integrating with existing SaaS tools like bill.com, Excel, and QuickBooks due to their limitations and disconnected nature.