Robinhood files for second retail venture fund, RVII, expanding to early-stage startups two months after first fund's market debut

Robinhood has filed a confidential registration for RVII, a second venture fund that will invest in growth-stage and early-stage startups, unlike its first fund (RVI) which holds stakes in 10 late-stage companies including OpenAI, Databricks, Stripe, and Revolut.

RVI debuted on the NYSE at $21 a share in early March and has since closed at $43.69 on Monday, more than doubling. The first fund sought to raise $1 billion but fell several hundred million short of that goal.

Both funds are structured as publicly traded venture capital vehicles with daily liquidity and no accreditation requirements, allowing retail investors to invest in private startups through a regular brokerage account—a model historically restricted to investors with net worth exceeding $1 million or annual income above $200,000.