Robinhood has raised $200 million for a second publicly traded vehicle designed to give ordinary investors access to privately held start-ups. The trading platform's latest fund follows its initial foray into democratizing venture capital investments.

The new fund structure allows retail investors to buy shares in a portfolio of private companies through public markets, bypassing traditional accreditation requirements. This approach mirrors the company's first venture fund, which launched with similar objectives to broaden participation in early-stage investing.

By creating a publicly traded vehicle, Robinhood aims to provide liquidity and transparency typically absent from private market investments. The $200 million capital raise signals continued demand for accessible startup exposure among the platform's user base.

Industry observers note the move could pressure traditional venture firms to consider more inclusive fund structures. However, risks remain around valuation volatility and the inherent illiquidity of underlying private assets, even within a public wrapper.