Robinhood’s venture fund, dubbed RVII, is moving through a confidential registration process that lets the company fine‑tune the offering before public disclosure. The move follows the launch of its first fund, RVI, which now trades on the NYSE under ticker RVI. The new vehicle will target growth‑stage and early‑stage startups, widening the investment horizon beyond the 10 late‑stage companies publicly.

RVI launched with a $1 billion target but raised only about $700 million, yet the fund’s share price more than doubled, closing Monday at $43.69 from an initial $21 launch. Investors have chased the AI theme, as the fund holds stakes in OpenAI, Stripe, Databricks, and other high‑growth tech names. Daily liquidity and no carry differentiates RVII from traditional venture vehicles today.

Vlad Tenev says the goal is to let retail investors participate in seed and Series A rounds, a shift that could reshape early‑stage fundraising. By removing accreditation hurdles and offering daily trading, Robinhood turns private‑market exposure into a liquid asset class. If the model gains traction, companies might rely more on retail capital for their first in early capital raises today.