Robinhood launches 2nd venture fund RVII, raises $225.5 million on NYSE
Robinhood just rolled out its second venture fund, RVII, aiming to let regular folks invest in early-stage private companies (something usually reserved for big players).
The fund raised $225.5 million through an IPO on the NYSE, selling shares at $25 each (though trading kicked off a bit lower at $22.50).
This move follows its first fund, which Robinhood listed in March, focused more on late-stage startups.
RVII targets Y Combinator startups
RVII plans to invest mainly in Y Combinator-backed companies (think Coinbase, Reddit, and OpenAI).
Sarah Pinto from Robinhood Ventures hinted there is more to come and emphasized building strong portfolios over time.
Portfolio manager Rich Aberman said he is excited about giving everyday investors a shot at Silicon Valley opportunities that used to be out of reach.
With startups staying private longer, Robinhood wants to level the playing field and make wealth creation more accessible.