Robinhood Files for Second Venture Fund RVII to Open Early-Stage AI Startup Investing to Retail

Robinhood has filed a confidential registration for RVII, a second publicly traded venture fund that will expand beyond its first fund’s late-stage focus to include early-stage startups. The fundraising target has not yet been set, following RVI’s debut in March which raised several hundred million short of its $1 billion goal but has since more than doubled in share price to $43.69, driven largely by market enthusiasm for its AI-heavy portfolio including OpenAI, ElevenLabs, and Databricks.

CEO Vlad Tenev described Robinhood Ventures as a publicly traded venture capital firm with daily liquidity and no carry fees, removing the accreditation requirements that have historically excluded retail investors from private market returns. Tenev’s longer-term ambition is for retail investors to participate in seed and Series A rounds alongside traditional venture firms, fundamentally reshaping how startups access early capital.