Erebor is a newly chartered national bank built to serve technology companies, filling a gap left by the collapse of Silicon Valley Bank

The Fundrise Innovation Fund (VCX) has announced a new investment in Erebor Bank, a newly chartered national bank built from the ground up to serve the technology industry.

Founded by Palmer Luckey, the co-founder of Oculus VR and Anduril Industries, Erebor is designed to serve startups, technology companies, and the individuals who work at and invest in them. The bank aims to fill a gap in the market left by the collapse of Silicon Valley Bank in 2023, which had been a primary banking partner for early-stage technology firms and venture capital funds. Erebor plans to offer lines of credit backed by crypto or private securities, loans for AI chips, and other products tailored to the needs of technology businesses that traditional banks have been reluctant to serve. The bank received conditional approval from U.S. regulators in October 2025 and was granted its national charter in February 2026, with deposits insured by the FDIC. Erebor's investors include Founders Fund, Andreessen Horowitz, Lux Capital, and 8VC.

Investments in private technology companies like Erebor have historically produced some of the strongest investment returns, however the opportunity to invest in them before they go public has remained largely out of reach for most individuals. The Fundrise Innovation Fund (VCX) is designed to bridge that gap, giving individual investors low-fee access to the types of companies that have traditionally been available only to top venture capital funds.

About Fundrise

Fundrise is the largest direct-to-consumer alternative investment platform in the U.S., having pioneered low-fee access to private-market investing for individual investors. Founded in 2012, Fundrise serves millions of users investing across real estate, private credit, and venture capital strategies. The company, headquartered in Washington, DC, has a team of technology and finance experts with deep regulatory experience, having cleared multiple public offerings with the SEC.

About the Fundrise Innovation Fund (NYSE:VCX)

The Fundrise Innovation Fund is a publicly registered, non-diversified, closed-end management investment company filed with the SEC in 2021. The Fund invests in leading private technology and AI companies, providing everyday investors access to venture capital opportunities that have historically been limited to institutional investors.

There are no guarantees investment holdings of the Fundrise Innovation Fund (the "Fund") will be successful or perform similarly to the company featured.

Investing in the Fund is speculative and involves substantial risks. You should purchase shares of the Fund only if you can afford a complete loss of your investment.

Past performance does not guarantee future results. Current and future holdings are subject to risk. Returns of one company are not indicative of an investment in the Fund. To obtain Fund performance, visit GetVCX.com. The Fund's most recent schedule of investments is available at GetVCX.com.

Investors should consider the Fund's investment objectives, risks, charges, and expenses before investing. This information is included in the Fund Prospectus and can be accessed by calling (202) 804-0023. Read the prospectus carefully before investing.

The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company.

The Fund's portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete.

The Fund's investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources.

The Fund's investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions.

Nothing in the advertising material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. All investing includes risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Innovation Fund, LLC before investing.

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The Fundrise Innovation Fund (VCX) Invests in Erebor Bank