Robinhood Ventures Fund I (NYSE:RVI) announced today it has purchased $30 million of Preferred Stock in Erebor Bank, National Association.

“I believe the banking sector is ripe for innovation, and that the team at Erebor, is positioned to disrupt the status quo,” said Sarah Pinto, President of Robinhood Ventures Fund I. “I think Erebor can be the kind of foundational financial infrastructure America’s innovation economy needs, and I’m proud to give RVI investors a stake in that vision.”

“We started Erebor because the companies powering America’s innovation and reindustrialization deserve a banking partner that understands them, is always open, and is built on modern technology,” said Jacob Hirshman, Co-Founder and Chairman of Erebor. “We’re glad to have RVI’s retail investors alongside us.”

Erebor Bank, National Association (Member FDIC) is a nationally chartered U.S. bank built for the innovation economy, serving companies across defense, robotics, AI, hard tech, and other industries. In February 2026, Erebor received its full OCC national charter and FDIC insurance and has since grown its deposit base to over $7 billion. Erebor was founded in 2025 by Palmer Luckey, Owen Rapaport, Jacob Hirshman, Aaron Pelz, and Trevor Capozza. The company is backed by Valor Equity Partners, Lux Capital, 8VC, and others.

Robinhood Ventures Fund I, which is the first fund from Robinhood Ventures, began trading on the New York Stock Exchange (NYSE) on March 6, 2026, under the symbol RVI.

RVI 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.