A newly minted venture fund run by Robinhood (HOOD.O), opens new tab for investing in early-stage companies is aiming to raise as much as $200 million in its U.S. initial public offering, according to a regulatory filing on Monday.
The vehicle, Robinhood Ventures Fund II (RVII) (RVII.N), opens new tab, is offering up to 8 million shares in the IPO, including 400,000 shares owned by Robinhood. The IPO is being marketed at $25 apiece.
Here are some other details:
- The move comes as the Menlo Park, California-based Robinhood looks to broaden retail investors’ access to private-company investments long dominated by Silicon Valley’s largest venture capital firms.
- The venture fund, RVII, plans to invest in early- and growth-stage private companies, with a focus on those that are current or previous participants in the Y Combinator startup accelerator program.
- Robinhood debuted its first venture fund, Robinhood Ventures Fund I (RVI.N), opens new tab, in March. That vehicle largely invests in late-stage companies and added OpenAI to its portfolio earlier this year.
- Robinhood CEO Vlad Tenev earlier this year said the firm’s customers were seeking access to emerging AI companies at an earlier stage.
- Goldman Sachs is the lead bookrunner for the offering. Citigroup, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are joint bookrunners.
- The window to request IPO shares is expected to close on August 12.
- The roadshow for RVII was expected to kick off on Monday at 12 p.m. ET (1600 GMT). Shares are expected to be listed on the New York Stock Exchange under the symbol “RVII.”
