Robinhood’s publicly listed venture fund is officially a shareholder in Palmer Luckey’s digital bank.
What’s happening:
- Robinhood Ventures Fund I (NYSE: RVI) has invested $30M USD in Erebor Bank
Why it matters:
- Erebor Bank is co-founded by Anduril’s Palmer Luckey and is aiming to become the new leading digital bank for technology companies and startups across defense, crypto and hardware
Going deeper:
- Robinhood Ventures Fund I notably has existing equity stakes in Stripe Eleven Labs, Airwallex, Boom, Databricks, Oura, Ramp and Revolut
- Erebor Bank has publicly stated they currently have more than $7B USD in total deposits
- 8VC, Lux Capital, Founders Fund and many other prominent venture capital funds were early investors in Erebor Bank
