Robinhood Ventures Fund I has acquired $30 million in preferred stock of Erebor Bank. The investment aims to support the fund's strategy of providing retail investors with exposure to private-market opportunities through a portfolio of frontier companies.
Erebor Bank, founded in 2025, operates as a nationally chartered US lender. In February 2026, the institution secured its full OCC national charter and FDIC insurance. Currently, the bank reports a deposit base exceeding $7 billion.
The bank focuses on serving the defense technology, hard tech, and crypto sectors. Its service offerings include blockchain-enabled payments, loans backed by digital assets, and financing for AI infrastructure. The institution has also expanded into industrial lending.
The founding team of Erebor includes Palmer Luckey, Owen Rapaport, Jacob Hirshman, Aaron Pelz, and Trevor Capozza. Backers of the bank include firms such as Valor Equity Partners, Lux Capital, and 8VC.
