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Robinhood’s venture fund IPO attracted 150,000+ retail investors, CEO says

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Robinhood CEO Vlad Tenev is touting the success of the fintech’s new Ventures Fund I, which allows retail investors to invest in private tech companies like Stripe, Oura, Databricks, OpenAI, and others, through a publicly-traded fund listed on the NYSE. “We had something like over 150,000 retail investors participate in the IPO, so it’s quite democratized,” noted Tenev, in an interview at The Wall Street Journal’s “Future of Everything” conference this week.

The fund, which launched in March, arrives at a time when the term “unicorn,” which once referred to the rare billion-dollar startup, has become outdated. When AI model providers like OpenAI and Anthropic are raising capital at valuations of $850+ billion to $900 billion, another word besides “unicorn” is needed.

“We call them frontier companies,” said Tenev, explaining how Robinhood differentiates these larger, private companies from other startups.

“There are private companies that are raising capital at valuations in the high hundreds of billions. You’re going to see, perhaps, multiple private companies getting into the trillions [in valuation] before the IPO — before retail investors can participate,” he said.

Robinhood’s initial fund has exposure to many tech companies that have yet to go public, including most recently OpenAI, which joins Mercor, Ramp, Airwallex, Boom, and others.

Tenev believes the new fund makes sense as part of Robinhood’s broader mission to democratize access to markets for retail investors.

Initially, the company did this through its zero-commission trades, which significantly increased retail participation in the public markets. Now it sees investing in large, private companies as the next step.

“You can think of [the new fund] as a publicly traded venture capital firm with daily liquidity. No accreditation requirements and no carry,” Tenev said in the interview. “So just a competitive management fee, no carry — which, for those of you familiar with venture capital, typically, when you invest in a fund as an LP, you pay a management fee, but there’s also a carry of typically around 20%, which means 20% of your profits go to the fund manager.”

Tenev believes that, due to the size of these companies, retail investors should be able to get in earlier than the IPO — especially given how many companies are choosing to wait to go public.

“The aspiration is, if you’re a company raising a seed round and a Series A round — so, just first capital — retail should be a big chunk of that round, much like it now is in the public markets,” Tenev said. “And we should let those people in at the ground floor, so that they can actually benefit from this potential appreciation that’s increasingly happening in the private markets,” he added.

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Wike: Probe Ebonyi Police Commissioner now – PDP

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The Peoples Democratic Party, PDP South-East Zonal Working Committee has called on the National Security Adviser, the Department of State Services, DSS, the Inspector-General of Police and other security agencies to investigate the conduct of security agencies in the region, particularly the Commissioner of Police in Ebonyi State.

The demand was contained in a statement issued by the National Vice Chairman, South-East Zone, Mike Ahumibe.

The opposition party accused the Ebonyi State Commissioner of Police of failing to act proactively despite what it described as several petitions by opposition parties, saying his conduct left much to be desired of a professional police officer.

“The committee seriously implores the office of the National Security Adviser, Director of the Department of State Services, all security agencies and indeed the Inspector-General of Police to show a special interest in the activities of our security agencies in the South-East and conduct a check on the Commissioner of Police in Ebonyi State.”

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The party added that, “The committee concluded that our party’s chances in the 2027 elections can be described as a ‘low hanging fruit’ that only requires a strategic stretching out of hands,” it said.

According to the PDP, opposition parties should be allowed to test their popularity before voters without intimidation, manipulation or interference.

It also hailed the Minister of the Federal Capital Territory, Nyesom Wike, for what it described as his dynamic leadership and contributions to the PDP.

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Atiku seeks court approval to amend suit against Tinubu, APC

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Former Vice President, Atiku Abubakar and the African Democratic Congress, ADC, have asked the Federal High Court in Abuja for permission to amend their suit challenging President Bola Tinubu and the All Progressives Congress, APC, ahead of the 2027 presidential election.

The plaintiffs are seeking to disqualify Tinubu and the APC from participating in the election over an allegation that a forged National Youth Service Corps, NYSC, discharge certificate was submitted to the Independent National Electoral Commission, INEC.

The suit, marked FHC/ABJ/CS/1888/2026, also has INEC as the third defendant.

In a motion filed before Justice Inyang Ekwo, Atiku and the ADC asked the court to grant them leave to amend their originating summons and deem the amended processes as properly filed.

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They said the amendment became necessary after they discovered errors in the nomenclature of some INEC forms attached to their affidavit, which were referred to as Form CF001 instead of Form EC9A.

The plaintiffs also said they needed to set out the particulars of the alleged fraud more specifically, include Atiku’s written deposition and attach clearer copies of exhibits referred to in the suit.

Tinubu and the APC, however, have asked the court to dismiss the case, arguing that it is incompetent and that the plaintiffs lack the legal standing to institute it.

In a joint counter-affidavit filed on September 9, the President and APC denied submitting any forged certificate to INEC for either the 2023 or 2027 presidential elections.

They also said they did not submit Form CF001 to INEC for either election as alleged by the plaintiffs, adding that the NYSC had never denied issuing a discharge certificate to Tinubu after his service year.

In their written address, the defendants argued that allegations of forgery, being criminal, must be proved beyond reasonable doubt.

Their counsel, Chief Akin Olujinmi, SAN, argued that evidence from the institution alleged to have issued the disputed certificate would be required to establish that it was forged.

Olujinmi said Atiku and the ADC had not produced any evidence from the NYSC disclaiming the issuance of the discharge certificate to Tinubu.

He therefore urged the court to dismiss the suit, describing it as incompetent and lacking a proper basis for the plaintiffs’ claims.

The court has fixed September 28 for hearing in the case.

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