Robinhood this week unveiled a financial instrument that lets anyone feel like they, too, can make money by backing Y Combinator startups. The Robinhood Venture Fund II (RVII) will go public on August 13 at an opening price of $25 per share, aiming to raise as much as $200 million to invest in companies founded by current and former YC participants, if those firms agree to sell shares. Retail investors can buy shares in the fund but will not hold direct stakes in the startups; they can trade fund shares, though expected profits depend on YC exits. RVII will charge 2/20 fees through a Robinhood-owned entity, plus extra fees, bringing total fees to just over 4%. The fund will also pay a 20% carried interest. Unlike traditional VC funds, RVII has no set end date or guaranteed cash distributions; returns will largely come from the fund’s stock price. The move echoes Robinhood’s earlier RVI, which trades above its IPO price of $21 and has seen volatility from $56 to $28. While past tokenized crypto offerings faced backlash, this fund buys actual shares, offering a Silicon Valley‑style bet on YC pedigree.

The investment remains speculative: gains hinge on the performance of YC companies, while losses are possible if the fund’s shares decline.