Robinhood Ventures Fund II has priced its initial public offering at $25 per share, offering 8 million common shares to raise $200 million before fees. According to a press release from Robinhood Ventures Fund II, the offering values the fund at $225.5 million before sales load and offering expenses, with the total potentially reaching $255.5 million if underwriters fully exercise an option covering another 1.2 million shares. The fund opened on the New York Stock Exchange at $22.50, representing a 10% decline from the IPO price of $25. Shares are expected to begin trading on the New York Stock Exchange on August 13 under the ticker RVII, with the offering scheduled to close on August 14 subject to customary closing conditions.
According to an August filing, Robinhood Ventures Fund II was prepared with holdings in approximately 80 private companies, distinguishing it from Robinhood Ventures Fund I, which focuses on more established businesses. The fund's strategy centers on businesses founded by current or former participants in Y Combinator, as well as other companies connected to the startup accelerator's network. Y Combinator has funded more than 5,000 companies since 2005, including over 100 businesses that reached valuations of at least $1 billion. Its past participants include U.S.-listed crypto exchange Coinbase, social media company Reddit, and OpenAI, the developer of ChatGPT. The accelerator does not sponsor or endorse RVII, according to the fund's regulatory disclosures, though Robinhood has permission to use the Y Combinator name when describing the investment strategy.
According to previous reports, Robinhood Ventures Fund I made significant private investments, including a $75 million purchase of OpenAI shares in April 2025, which became one of the fund's largest investments. The fund's portfolio has included private businesses such as OpenAI, Stripe, Ramp, Revolut and Databricks. In March 2025, the first Robinhood Ventures fund invested approximately $35 million across payments company Stripe and artificial intelligence startup ElevenLabs, with about $14.6 million going to Stripe and roughly $20 million to ElevenLabs. Robinhood Ventures Fund I raised approximately $658.4 million when it listed in March, initially falling roughly 16% during its first day of trading before later recovering.
Goldman Sachs & Co. LLC is serving as lead bookrunner for the new offering, with Citigroup, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities acting as joint bookrunners. Underwriters have received a 30-day option to purchase up to 1.2 million additional RVII shares at the $25 IPO price, less underwriting discounts and commissions. The Securities and Exchange Commission declared the registration statement covering the common-share sale effective on Tuesday, clearing the fund to proceed with the public offering. If exercised in full, the option would add $30 million and increase the fund's size to as much as $255.5 million before sales charges and expenses.
This IPO follows Robinhood's broader strategy to expand retail access to capital markets. In June, Robinhood Securities received underwriting approval, allowing the business to serve as an underwriter in public offerings. The company has also launched Robinhood Chain, an Ethereum Layer 2 network built using Arbitrum technology, alongside tokenized stocks and decentralized perpetual futures for eligible users in more than 120 countries. Robinhood has been building products that connect retail users with assets historically dominated by institutional investors, including its IPO Access service since 2021 and earlier Classic Stock Tokens product in Europe. Sarah Pinto, head of Robinhood Ventures and president of RVII, told Reuters that work has begun on funds 3 through 6, emphasizing the company's commitment to building funds where they can uniquely deliver performance without rushing into the venture market.
