Robinhood Ventures Fund I has raised less than its initial target, with a 16% drop on the first day
Robinhood's venture fund, Robinhood Ventures Fund I, debuted on the NYSE this week, closing its first day at $21, down 16%. The fund aims to open up investment opportunities in popular private companies to retail investors, with a target of raising $1 billion, but has currently raised only $658.4 million (which could reach $705.7 million if underwriters exercise full subscription).The fund's holdings include companies like Databricks, Stripe (pending transaction completion), Mercor, Oura, Ramp, Airwallex, and Revolut, but it lacks exposure to widely anticipated high-valuation upcoming public companies (such as OpenAI, Anthropic, SpaceX), which is considered a major reason for the lack of retail interest. Robinhood stated that it plans to expand the fund in the future to include 15-20 high-quality late-stage growth companies and is actively seeking to join the equity tables of popular startups like OpenAI.