Robinhood is raising $200 million for a second public venture fund. It files to offer 7.6 million shares at $25 each, with trading expected to start on the NYSE under ticker RVII on August 13. The brokerage itself will sell another 400,000 shares separately, making this a significant push into early-stage startup investing for everyday traders.
The new fund charges what its first one didn't: a 2% management fee plus 20% performance fees. That's standard venture territory, but it marks a shift from Robinhood Ventures Fund I, which operated without performance fees. RVII launches with roughly 80 portfolio companies already in place, mostly seed-stage businesses tied to Y Combinator, either current or former participants, or founded by YC alumni.
Goldman Sachs leads the offering with Citigroup, JPMorgan, UBS and Wells Fargo handling distribution. Subscription closes August 12, one day before shares hit the market. Robinhood has explicit permission to use the Y Combinator name, though the accelerator itself doesn't sponsor the fund or guarantee its performance.
The move signals Robinhood's pivot away from later-stage bets like Databricks, Stripe, OpenAI and SpaceX, where the first fund concentrated its capital. Sarah Pinto, head of Robinhood Ventures, framed RVII as a way for retail investors to catch companies in their earliest growth phase instead of waiting for an IPO. Y Combinator has backed over 5,000 startups since 2005, creating a deep bench of potential holdings for the new vehicle.
This article is for informational purposes only and does not constitute financial advice. Venture investing carries substantial risk, including total loss of capital.
