About Erebor

We are big supporters of Palmer Luckey. We invested $4M into Erebor’s Series A ($2.25B post-money valuation) in Q3 2025 and are now following on with a Series C investment.

Erebor is Palmer Luckey’s digital bank built for the innovation economy. As sectors like AI, defense, crypto, and advanced manufacturing accelerate, traditional banks and fintechs are falling behind. Erebor aims to fill the gap with a modern banking platform purpose-built to serve the next generation of high-growth companies.

Conviction Points

• Visionary founder with a proven track record (Oculus, Anduril)

• Deep integration with crypto-native infrastructure and AI lending ecosystems

• Strong early traction with anchor clients: $100M+ from Fluidstack and $40M from Anchorage

• Large market opportunity: $800B+ in unmet demand across stablecoins, GPU financing, and startup credit

• Attractive economics: profitable from year one, low loan-to-deposit ratio, and capital-efficient model

• Building a proprietary banking core (similar to Column and Anchorage) for end-to-end control of the product stack

Momentum

We anticipate that Erebor will be cash flow positive and profitable by EOY. Erebor is on track to reach approximately $10B in deposits by year-end (roughly the size of a mid-sized regional bank and enough to rank around the 160th largest of the 4,462 FDIC-insured U.S. banks). This capital injection is primarily to support its reserve requirements, as deposit growth requires a corresponding increase in cash and short-term liquid assets.

Erebor hits record-breaking growth for a new US bank with $1.1BN in deposits in 7 weeks.

Notable Investors

• 8VC

• Andreessen Horowitz

• Anti Fund

• Founders Fund

• Human Capital

• Lux Capital

• Peter Thiel

• Silent Ventures

• Washington Harbour

Additional Info

Here is the company’s PitchBook profile with additional information.

Press

1. Erebor Bank hits $1.1 billion in deposits in 7 weeks

2. Thiel-Backed Erebor Offers Venezuela Unlikely Banking Lifeline

3. Inside the Office of Strategic Capital, the Pentagon’s new $200 billion lending powerhouse (industry-specific)

4. A Pentagon Sovereign Wealth Fund? (industry-specific)

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Notes

1. Structure. Our SPV is investing into a cap table co-investment vehicle.

2. Limited Allocation. Allocation is limited. Priority will be given to LFG+ Members, then on a first come, first served basis among committed investors.

3. LFG+ Membership. LFG+ Members receive priority access to limited allocation and reduced economics - here are our membership details. To receive LFG+ benefits for this deal, you must activate your membership before the commitment deadline.

4. Limited Information. The information available to us and what we can share will be limited due to the nature of this deal.

5. Terms. Please note that these terms are subject to change until the allocation is finalized. The subsequent fund documents will govern.