Robinhood’s second venture fund starts trading on NYSE

The $225.5 million fund gives retail investors exposure to early- and growth-stage private companies.

Robinhood’s second venture fund began trading on the New York Stock Exchange on Thursday, extending the company’s push to give retail investors access to private markets.

Robinhood Ventures Fund II raised $225.5 million through an initial public offering of 8 million shares priced at $25 each.

The fund opened at $22.50. It plans to invest in early- and growth-stage private companies that have traditionally been accessible mainly to venture firms and wealthy investors.

Its strategy will focus on current and former participants in the Y Combinator startup accelerator.

Y Combinator has backed more than 5,000 companies since 2005, including Coinbase, Reddit and OpenAI. About 100 of its portfolio companies have reached unicorn status.

Robinhood listed its first venture fund in March. That vehicle focuses on late-stage startups.

The company says retail demand for private-market exposure is increasing as startups remain private for longer and reach larger valuations before going public.

Robinhood Ventures head Sarah Pinto said the company is already working on additional funds. She said it plans to expand carefully and focus on products where it can deliver distinctive performance.

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