Karla Barker 
Robinhood’s second listed venture fund has priced its initial public offering. Robinhood Ventures Fund II sold 8 million shares at $25 per share, raising $200 million before fees. The company pegged the fund’s value at $225.5 million before sales load and offering expenses. Underwriters can buy another 1.2 million shares, which would push the deal to as much as $255.5 million.
The shares are set to start trading on the New York Stock Exchange on Aug. 13 under the ticker RVII. The offering is scheduled to close Friday, assuming customary conditions are met. The Securities and Exchange Commission declared the registration statement effective on Tuesday.
What the fund holds
RVII is structured as a business development company, a closed-end vehicle designed to give retail investors a way to hold private companies through a public fund. Robinhood Ventures, a wholly owned subsidiary of Robinhood Markets, serves as the investment adviser.
It’s the second such fund from Robinhood. The first, Robinhood Ventures Fund I, trades under RVI. That fund made news in April when it bought about $75 million in OpenAI shares. It has also held positions in Stripe, Ramp, Revolut, Databricks and other private businesses. Earlier moves put about $14.6 million into Stripe and roughly $20 million into ElevenLabs.
A bigger push into capital markets
Robinhood has been widening its footprint beyond simple brokerage access. In June, Robinhood Securities received approval to act as an underwriter in public offerings. That came after years of running IPO Access, which let retail customers request allocations in some new listings.
Private company exposure has also crossed into crypto. In July, the company launched Robinhood Chain, an Ethereum Layer 2 network built with Arbitrum technology. Tokenized stocks went live for eligible Robinhood Wallet users in more than 120 countries, though the product was not offered in the US, UK, Canada, Switzerland, UAE and some other places.
Not all of these products work the same way. The older tokenized equity products, including those linked to OpenAI and SpaceX, did not give users direct ownership in the companies. OpenAI pushed back on that idea in 2025, saying the tokens were not OpenAI equity and that the company had not partnered with Robinhood. Tenev later said the products were meant to provide exposure rather than direct equity.
The listed funds take a different approach. Investors in RVI or RVII own shares of a regulated investment company, not the private firms themselves. The fund manager holds the positions. That distinction seems central to how Robinhood wants to keep expanding.
Goldman Sachs is lead bookrunner on the RVII offering. Citigroup, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities are joint bookrunners. The underwriters have 30 days to decide on the additional shares. If the deal closes, RVII will join RVI as another public route into private markets for everyday investors.