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Erebor nears $1.5bn funding at $8bn valuation, source reports
The newly launched US bank said its deposits rose to $4.6bn by end-July and expects annualised recurring revenue above $100m.
Erebor, a newly launched US bank backed by Silicon Valley investors, is in late-stage talks for a funding round of roughly $1.5bn at an $8bn valuation before the new capital is added, according to Financial Times coverage cited by Yahoo Finance.
The report also lists likely participants in the round as Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel, with existing shareholders including Joe Lonsdale’s 8VC and Haun Ventures expected to take part.
Erebor was created after Silicon Valley Bank failed in 2023, and it received final regulatory approval in February. Since then, the bank’s deposits have climbed to $4.6bn as of the end of July, the outlet said, citing a source.
Erebor was founded by Palmer Luckey, cofounder of defense contractor Anduril, and the same source said the bank has surpassed $100m in annualised recurring revenue. The report also said its board added former US official Michael Mosier and former American Express executive Anré Williams.