Robinhood Ventures Fund I buys $30M of preferred stock in Erebor Bank

Robinhood Ventures Fund I (NYSE: RVI) has bought $30 million of preferred stock in Erebor Bank, National Association. The investment closed on 17 September and was announced on 21 October. The size of the stake and the bank's valuation were not disclosed.

Erebor was founded in 2025 by Palmer Luckey, co-founder of defense technology company Anduril, together with Owen Rapaport, Jacob Hirshman, Aaron Pelz and Trevor Capozza. It is a national bank for companies in AI, defense, robotics, manufacturing and digital assets. It received its OCC charter and FDIC insurance in February 2026 and reports more than $7 billion in deposits.

Valor Equity Partners, Lux Capital and 8VC are among its backers. RVI, a closed-end fund that began trading in March 2026, gives retail investors exposure to mostly private companies and has also invested in Crusoe and Whatnot.