The Robinhood Ventures Fund II (RVII) confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) to begin the process to register a public offering of its shares, the company said in a Monday (May 11) press release.
Robinhood expects the initial public offering to take place after the SEC completes its review process, subject to market and other conditions, according to the release.
“The number of shares to be offered and the size of the fund have not yet been determined,” the company said in the release.
The announcement came about three months after Robinhood Ventures introduced its first fund, Robinhood Ventures Fund I (RVI), saying it aimed to give everyday investors access to private markets.
Robinhood Ventures said RVI would initially provide retail investors with exposure to a concentrated portfolio of private companies and then add more companies over time. The initial portfolio included Airwallex, Boom, Databricks, Mercor, Oura, Ramp and Revolut.
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“Opening up private markets will resolve one of the greatest longstanding inequities in capital markets today, and we’re excited to bring these opportunities to all with Robinhood Ventures Fund I,” Robinhood CEO Vlad Tenev said in a Feb. 17 press release.
RVI began trading on the New York Stock Exchange on March 6. It announced investments of about $14.6 million in Stripe and $20 million in ElevenLabs on March 17, and an investment of about $75 million in OpenAI on April 22.
When announcing the investment in OpenAI, Robinhood Ventures President Sarah Pinto said: “As one of RVI’s largest investments to date, this underscores our core mission to provide everyday investors with access to what we believe are transformative companies shaping the future.”
RVI has drawn 150,000 retail investors, Tenev said May 5 at The Wall Street Journal’s Future of Everything event.
Tenev said in a Friday (May 8) post on social platform X that RVI surpassed $1 billion in market cap.
“When you tear down the gates, the market answers,” Tenev said in the post. “Thank you to the everyday investors claiming their seat at the table, and the frontier companies building alongside us. We’re just getting started.”
