Robinhood's venture fund will invest about $35 million in fintech company Stripe and AI audio startup ElevenLabs, The Block reported on March 17 local time.
Robinhood made the investment by buying $14.6 million worth of Stripe Class B common stock. It also bought $20 million of ElevenLabs Series D preferred shares.
Robinhood is also investing in various private companies besides Stripe and ElevenLabs, including Revolut, Airwallex, Boom, Databricks and Ramp.
Robinhood's venture fund aims to offer retail investors opportunities to invest in private companies.
Robinhood CEO Vlad Tenev (블라드 테네프) stressed: “In the past, only the wealthy and institutional investors could invest in private companies, but through Robinhood Ventures we will make it so ordinary investors can also enjoy these opportunities.”
Chi-gyu Hwang (황치규)
delight@d-today.co.kr