Robinhood Ventures Fund II (ticker RVII) launched this week, democratizing access to the high-risk world of seed-stage investing. Starting August 13, retail investors can buy into a portfolio of 80 Y Combinator-connected startups on the New York Stock Exchange for just $25 a share—no accreditation required. The fund aims to raise $200 million through an IPO of 8 million shares, with Goldman Sachs leading the underwriting syndicate.

This is a bold move to bring...