Robinhood Ventures Fund I Invests $30M in Erebor Bank Preferred Stock

Robinhood Ventures Fund I (NYSE:RVI) has purchased $30 million of preferred stock in Erebor Bank, National Association, the fund announced today.

Erebor Bank is a nationally chartered U.S. bank that received its full OCC national charter and FDIC insurance in February 2026. Since then, it has grown its deposit base to over $7 billion. The bank serves companies in defense, robotics, AI, hard tech, and other industries.

Sarah Pinto, President of Robinhood Ventures Fund I, said she believes the banking sector is ripe for innovation and that Erebor's team is positioned to disrupt the status quo. She added that Erebor can be the kind of foundational financial infrastructure America's innovation economy needs.

Jacob Hirshman, Co-Founder and Chairman of Erebor, said the bank was started because companies powering America's innovation and reindustrialization deserve a banking partner that understands them, is always open, and is built on modern technology. He welcomed RVI's retail investors alongside the bank.

Erebor was founded in 2025 by Palmer Luckey, Owen Rapaport, Jacob Hirshman, Aaron Pelz, and Trevor Capozza. It is backed by Valor Equity Partners, Lux Capital, 8VC, and others.

Robinhood Ventures Fund I is the first fund from Robinhood Ventures and began trading on the New York Stock Exchange on March 6, 2026, under the symbol RVI. It is a closed-end fund that provides investors exposure to a concentrated portfolio of primarily private companies, with additional companies expected to be added over time.