Robinhood to list $200M Ventures Fund II focused on Y Combinator seed startups

Robinhood is preparing to launch Robinhood Ventures Fund II (RVII), a publicly traded venture vehicle targeting Y Combinator seed-stage startups, according to a recent filing.

The company is seeking to raise up to $200 million by offering 7.6 million RVII shares at $25 each, with Robinhood selling an additional 400,000 shares itself. RVII is expected to list on the New York Stock Exchange under the ticker RVII on August 13, pending regulatory approval.

Unlike Robinhood’s first venture fund, which charged no performance fee, RVII will levy a 2% management fee and a 20% performance fee on gains. The product is positioned to give retail investors exposure to early-stage Y Combinator companies, a higher-risk profile than the later-stage names highlighted in Fund I, such as Databricks and Stripe.

Robinhood’s initial venture fund debuted with a 16% drop before rebounding 30%, underscoring the volatility public market investors may face in listed venture structures. RVII extends this model further down the risk curve into unproven seed-stage portfolios.