Retail investors are famously locked out of the startup world. Robinhood is attempting to change that by allowing the general public to invest in a portfolio of what it calls “some of the most exciting private companies operating today.”
To do this, the company that pioneered the commission-free brokerage model has secured access to eight startups—including Databricks, Stripe, Mercor, and Oura—grouping them into a vehicle called Robinhood Ventures Fund I. The fund, which also includes Ramp, Airwallex, Revolut, and Boom, set out last month with an ambitious $1 billion target, but demand for this novel way of investing in private companies was lower than expected.
On Thursday, Robinhood announced the fund had raised $658.4 million — which could reach $705.7 million if underwriters exercise their full allotment. The shares, priced at $25 in the offering, began trading on Friday and closed the day at $21, a 16% decline.
RVI’s reception on Wall Street stands in stark contrast to another attempt to give individual investors exposure to buzzy startups. When Destiny Tech100 — a publicly traded, closed-end fund holding stakes in 100 venture-backed companies including SpaceX, OpenAI, and Discord — direct-listed on the NYSE in March 2024, its shares surged from a reference price of $4.84 to an opening trade of $8.25, eventually closing its first day at $9.00.
Destiny Tech100 has kept climbing since its public debut. The fund closed trading on Friday at $26.61, a 33% premium to its net asset value of $19.97, meaning its shares trade well above the actual value of its underlying holdings.
So what explains why retail investors aren’t nearly as excited about Robinhood’s fund as they are about Destiny Tech 100? The most likely explanation is RVI’s lack of exposure to the companies widely expected to go public at enormous valuations: OpenAI, Anthropic, and SpaceX.
Robinhood is looking to address this. RVI intends to add more startups to the fund, eventually aiming to hold what Robinhood Ventures President Sarah Pinto described to TechCrunch as “15 to 20 of the best late-stage growth companies out there.” The company’s CFO, Shiv Verma, told Axios Pro on Friday that Robinhood is eyeing exposure to OpenAI.
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But securing access to these high-profile companies is far from straightforward. Robinhood is aiming to get directly onto their cap tables directly through primary capital raises or secondary share sales — and that’s difficult even for a firm with deep roots in Silicon Valley.
A cap table — the official record of who owns equity in a company — is closely guarded at most high-profile startups, and winning a spot on one requires either being invited by the company or purchasing shares from existing investors with the company’s blessing.
“It’s very difficult to get into any of these companies, and the investment rounds are very expensive,” acknowledged Pinto.
That is just one of the reasons democratizing private markets is easier said than done, and why the companies most retail investors actually want to own remain, for now, out of reach.
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![A24 Wants You to Be Nice About Its Google AI Deal
Earlier this week, we learned A24 entered a research partnership with Google’s DeepMind unit. The reactions were… not happy, to say the least. And like many who’ve let generative AI into their hearts, the film studio’s now left playing defense for its widely panned decision. In a statement to Wired, A24’s communications rep Sophia Shin stressed the “research” part of its Google partnership. “We’re working side-by-side with DeepMind’s researchers to learn, iterate, and build, having an active hand in shaping new tools and workflows,” she explained. “This is about learning and helping pain points in workflows behind the scenes. […] It exists because we want to dictate what tools get built for artists, so they have a voice in shaping them rather than having tools handed to them. While acknowledging A24 doesn’t love “any of the current AI outputs onscreen in Hollywood,” Shin considers this partnership a bit of a necessary evil. “We’d rather have a seat at the table than on the sidelines,” she stated. The promise of further artist agency and “a seat at the table” are common shields from genAI users, but it doesn’t seem to be working here. Fans consider this move ironic and a betrayal, given Backrooms director Kane Parsons recently called the tech “cultural and economic rot” and wished he could just snap it out of existence.
Before that, the studio didn’t seem to have much interest in generative AI. In 2024, it came under fire for using the tech to create posters for Civil War, while months later, its horror film Heretic had a disclaimer promising it wasn’t made with the technology. But Hollywood’s become gradually more accepting of generative AI and its supposed potential for the filmmaking process. In that sense, maybe it was inevitable for A24 to fall in line. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #A24 #Nice #Google #DealA24,generative ai,Google DeepMind A24 Wants You to Be Nice About Its Google AI Deal
Earlier this week, we learned A24 entered a research partnership with Google’s DeepMind unit. The reactions were… not happy, to say the least. And like many who’ve let generative AI into their hearts, the film studio’s now left playing defense for its widely panned decision. In a statement to Wired, A24’s communications rep Sophia Shin stressed the “research” part of its Google partnership. “We’re working side-by-side with DeepMind’s researchers to learn, iterate, and build, having an active hand in shaping new tools and workflows,” she explained. “This is about learning and helping pain points in workflows behind the scenes. […] It exists because we want to dictate what tools get built for artists, so they have a voice in shaping them rather than having tools handed to them. While acknowledging A24 doesn’t love “any of the current AI outputs onscreen in Hollywood,” Shin considers this partnership a bit of a necessary evil. “We’d rather have a seat at the table than on the sidelines,” she stated. The promise of further artist agency and “a seat at the table” are common shields from genAI users, but it doesn’t seem to be working here. Fans consider this move ironic and a betrayal, given Backrooms director Kane Parsons recently called the tech “cultural and economic rot” and wished he could just snap it out of existence.
Before that, the studio didn’t seem to have much interest in generative AI. In 2024, it came under fire for using the tech to create posters for Civil War, while months later, its horror film Heretic had a disclaimer promising it wasn’t made with the technology. But Hollywood’s become gradually more accepting of generative AI and its supposed potential for the filmmaking process. In that sense, maybe it was inevitable for A24 to fall in line. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #A24 #Nice #Google #DealA24,generative ai,Google DeepMind](https://gizmodo.com/app/uploads/2026/03/Backrooms-1280x853.jpg)
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