Robinhood Ventures Fund I Buys Stripe Secondary Shares, Signaling Retail Democratization of Pre-IPO Access

RVI's First Secondary Acquisition: Stripe Robinhood Ventures Fund I (NYSE: RVI) — the first publicly traded venture fund from Robinhood — disclosed that on March 9, 2026 , it purchased an aggregate of $14,577,645 in Class B Common Stock of Stripe Global Holdings Inc. in secondary transactions. This acquisition was made at a time when Stripe is widely expected to pursue an IPO in the near term, making the secondary entry price a meaningful signal for market observers tracking pre-IPO pricing dynamics. ElevenLabs Primary Investment Separately, on March 12, 2026, RVI completed a $19,999,971 Series D investment in ElevenLabs in a primary transaction. ElevenLabs is the AI audio and voice company serving millions of users across three platforms: ElevenAgents (enterprise voice and chat agents), ElevenCreative (AI audio and speech generation), and ElevenAPI (developer access to AI audio models). Stripe acquisition: $14.6M in Class B Common Stock, secondary transactions (March 9, 2026) ElevenLabs investment: $20M Series D preferred stock, primary round (March 12, 2026) RVI listed on NYSE: March 6, 2026 under ticker symbol RVI Retail Democratization of Pre-IPO Secondary Access The significance of RVI extends beyond the specific deals. By structuring pre-IPO exposure as a publicly traded fund, Robinhood has created a vehicle that allows retail investors to gain secondary market exposure to companies like Stripe — previously accessible only to institutional LPs and qualified purchasers. This trend toward democratization is accelerating, driven by regulatory tailwinds and growing retail appetite for private market returns. We are excited to add Stripe and ElevenLabs to Robinhood Ventures Fund I and are proud to offer retail investors access to these frontier companies. — Sarah Pinto, President of Robinhood Ventures Fund I Why This Matters for Private Markets Retail-accessible vehicles entering the secondary market for pre-IPO shares introduce new dynamics for pricing and demand. As publicly traded funds like RVI compete alongside traditional secondary buyers for allocations in names like Stripe, supply-demand imbalances may compress available discounts. For institutional secondary investors, this trend signals that the window for capturing significant pre-IPO discounts in tier-one names is narrowing as retail capital finds new on-ramps into the private markets ecosystem. The emergence of NYSE-listed venture funds marks a structural shift in how secondary liquidity is accessed and priced.