Robinhood Ventures Fund II has begun trading on the New York Stock Exchange after pricing its initial public offering at $25 per share, giving retail investors another way to gain exposure to privately held companies.
The fund, known as RVII, offered 8 million common shares at $25 each, targeting $200 million in gross proceeds before fees and expenses. Its shares began trading on the NYSE under the ticker RVII on August 13.
Robinhood Ventures Fund II is structured as a business development company, allowing public-market investors to purchase shares in a listed vehicle that invests in private businesses. The structure gives retail investors access to companies that may otherwise remain difficult to invest in before a public listing.
The fund’s registration statement was declared effective by the U.S. Securities and Exchange Commission on Tuesday, allowing the IPO to proceed. Underwriters also have a 30-day option to purchase up to 1.2 million additional shares at the IPO price. If fully exercised, the option could generate an additional $30 million in proceeds.
RVII will focus primarily on early-stage and growth companies connected to Y Combinator, one of the world’s largest startup accelerators. Its portfolio strategy gives investors exposure to private companies before they potentially reach public markets. Reuters reported that Y Combinator’s network includes companies such as Coinbase, Reddit and OpenAI.
The launch follows Robinhood’s first venture fund, Robinhood Ventures Fund I, which began trading on the NYSE in March under the ticker RVI. The first fund has invested in several private technology companies, including OpenAI, Stripe, Ramp, Revolut and Databricks.
In April, RVI purchased approximately $75 million worth of OpenAI shares, making the investment one of its largest holdings. The fund has also gained exposure to other private technology companies as Robinhood expands its private-market investment products.
Robinhood has increasingly expanded beyond its traditional stock and cryptocurrency trading business by developing products designed to give retail investors access to markets that have historically been dominated by institutional investors and wealthy individuals.
The company has also expanded its role in the public offering market. Robinhood Securities received approval in June to participate as an underwriter for public offerings, adding to its existing IPO Access service that allows eligible retail customers to participate in selected IPOs.
With RVII now trading publicly, Robinhood is continuing its effort to connect retail investors with private-market opportunities through exchange-listed investment vehicles. The launch also comes as startups remain private for longer periods, increasing investor interest in ways to gain exposure before companies reach traditional public markets.
