Robinhood Ventures Fund I (NYSE: $RVI) has invested $30 million in Erebor Bank, a newly established US lender targeting companies in artificial intelligence, defense, robotics, and other technology sectors.
The investment involved preferred stock and closed on September 17, Robinhood (NASDAQ: $HOOD) announced on Wednesday. The announcement did not disclose the bank's valuation or the size of the stake acquired.
Erebor has attracted more than $7 billion in deposits since receiving its national banking charter and federal deposit insurance in February 2026, the company said.
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Founded in 2025, the bank was established to serve businesses operating in technology and other industries that require specialized financial services. Its founders include Palmer Luckey, co-founder of defense technology company Anduril Industries, alongside Owen Rapaport, Jacob Hirshman, Aaron Pelz and Trevor Capozza.
The bank is backed by investors including Valor Equity Partners, Lux Capital, and 8VC.
"I believe the banking sector is ripe for innovation, and that the team at Erebor, is positioned to disrupt the status quo," Sarah Pinto, president of Robinhood Ventures Fund I, said.
The deal adds another private company to RVI's portfolio, which gives public-market investors exposure to businesses that are not yet listed on stock exchanges.
Launched in March 2026, RVI is a closed-end investment fund focused primarily on private companies. Its shares trade publicly, allowing retail investors to buy exposure to its holdings without meeting the accreditation requirements typically associated with direct private-market investments.
The fund has also invested in companies including AI infrastructure provider Crusoe and live-shopping platform Whatnot. RVI announced a roughly $25 million investment in Crusoe in September and a $30 million investment in Whatnot in August.
Robinhood shares are currently trading at $98,21 apiece.
