Former US government Efficiency Department employees raise $225 million to establish venture capital fund Banner VC.

According to a person familiar with the situation and filings with the U.S. Securities and Exchange Commission, two former employees of the Musk government efficiency department raised $225 million for their first venture capital fund, Banner VC. The source revealed that Banner also raised an additional $75 million and co-led a recent round of financing for the space infrastructure startup Pulse Space. Filings show that Banner VC was co-founded by two former DOGE employees, Brooks Morgan and Adam Lamada, and began fundraising for their first fund at the end of 2025. Based in Austin, Texas, this investment firm is one of many former DOGE employees who have ventured into entrepreneurship. The primary goal of the government efficiency department was to eliminate financial waste across federal agencies. After DOGE disbanded at the end of 2025, some employees remained in public service, while others teamed up to start startups or investment firms, often engaging in business with each other.