Robinhood is aiming to raise up to $200 million through the initial public offering of its new venture investment vehicle, Robinhood Ventures Fund II (RVII), according to a regulatory filing released on Monday. The fund plans to offer up to 8 million shares, including 400,000 shares owned by Robinhood, at a proposed price of $25 per share.
The Menlo Park, California-based trading platform is expanding retail investors’ access to private-company investments, an area traditionally dominated by major Silicon Valley venture capital firms. Robinhood Ventures Fund II will focus on investing in early- and growth-stage private companies, particularly startups that are current or former participants in the Y Combinator accelerator program.
Robinhood launched its first venture fund in March, which primarily invests in late-stage companies and recently added OpenAI to its portfolio. CEO Vlad Tenev has previously highlighted growing customer interest in gaining early access to emerging artificial intelligence companies. Goldman Sachs is leading the offering, alongside Citigroup, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities. The IPO subscription window is expected to close on August 12, with shares set to trade on the New York Stock Exchange under the ticker symbol “RVII.”
Pic Courtesy: google/ images are subject to copyright
