Robinhood Files for Second Retail Venture Fund RVII Amid AI Rally

Robinhood has submitted a confidential registration for its second venture fund, RVII, just two months following the launch of its inaugural fund on the stock exchange. In contrast to its first fund (RVI), which invests in 10 late-stage firms such as OpenAI, Stripe, and Databricks, RVII will target both growth-stage and early-stage startups, presenting higher risks but also the possibility of increased returns. There is no specified fundraising goal for RVII; the initial fund aimed for $1 billion but did not reach that target. RVI was introduced on the NYSE at $21 per share in early March and has since surged to $43.69, driven by excitement over AI opportunities. Both funds strive to make startup investments accessible to non-accredited investors through brokerage accounts, offering daily liquidity and no carry fees. CEO Vlad Tenev hopes to enable retail investors to engage in seed and Series A rounds, potentially transforming early-stage funding.