Robinhood's fund announces investment in Erebor, purchasing $30 million in preferred shares.

October 21 - According to an official announcement, Robinhood Ventures Fund I has purchased $30 million worth of preferred shares in Erebor Bank, with the investment closing on September 17.

Erebor is a U.S. nationally chartered bank serving the innovation economy, covering sectors such as defense, robotics, AI, and hard tech. The bank obtained its formal OCC national bank charter and FDIC deposit insurance in February 2026, and its deposits have since grown to over $7 billion. The company was founded in 2025 and is backed by institutions including Valor Equity Partners, Lux Capital, and 8VC.

RVI is the first fund launched by Robinhood Ventures and listed on the NYSE on March 6, 2026. This closed-end fund primarily invests in private companies, aiming to provide retail investors with exposure to private market investments, with no accredited investor qualification or minimum investment requirements. It charges a management fee but no performance fee.