Robinhood’s recently launched fund, designed to give investors exposure to private companies, said Tuesday it has invested about $35 million across startups Stripe and AI audio firm ElevenLabs.
Stripe, valued at $159 billion, owns the stablecoin platform Bridge.
Robinhood Ventures Fund I, which launched earlier this month, trades on the New York Stock Exchange. Some of the other private companies the fund has also invested in include Revolut, which has cryptocurrency trading services, Airwallex, Boom, Databricks, and Ramp.
“We’re excited to add Stripe and ElevenLabs to Robinhood Ventures Fund I and are proud to offer retail investors access to these frontier companies,” the fund’s president, Sarah Pinto, said in a statement. “They are helping shape the future of fintech and AI, and reflect RVI’s focus on investing in innovative companies operating at the forefront of their industries.”
The fund bought approximately $14.6 million worth of Class B common stock in Stripe. Additionally, RVI invested $20 million in ElevenLabs by purchasing Series D preferred stock.
“ElevenLabs is an artificial intelligence research and product company focused on audio, voice and realistic speech,” Robinhood said in its statement.
“For decades, wealthy people and institutions have invested in private companies while retail investors have been unfairly locked out. With Robinhood Ventures, everyday people will be able to invest in opportunities once reserved for the elite,” Robinhood CEO Vlad Tenev said last year when the fund was first announced.
Robinhood is a popular retail trading app that, in recent years, has leaned further into crypto.
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