Robinhood Launches Fund Focused On Y Combinator Startups

by News Editor

August 5, 2026

Robinhood is preparing to launch a publicly traded fund that will allow retail investors to gain exposure to startups backed by Y Combinator, one of Silicon Valley’s best-known startup accelerators.

Fund Targets Y Combinator Companies

Robinhood Venture Fund II (RVII) is expected to begin trading on August 13 at an opening price of $25 per share. According to Reuters, the fund aims to raise up to $200 million, which will be used to acquire shares in startups founded by current and former Y Combinator participants, provided those companies agree to sell their equity.

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Although anyone will be able to buy shares in the fund, investors will not own stakes in the startups directly. Instead, they will hold shares in the fund itself, which can be traded publicly, while returns will depend on the fund’s overall performance.

Fee Structure Mirrors Venture Capital

RVII will follow the traditional venture capital fee model, paying a management fee and carried interest to another Robinhood-owned entity.

The company said the management fee and other charges will total just over 4% of net returns, while the Robinhood unit will also receive 20% carried interest if the fund generates profits through successful startup exits.

Unlike most venture capital funds, which typically distribute profits and wind down after about 10 years, RVII does not appear to have a fixed end date or a commitment to regular cash distributions. Instead, investors may primarily benefit through increases in the fund’s share price.

Previous Fund Shows Both Upside And Risk

Robinhood Venture Fund I, which invests in private companies including Databricks, Mercor and OpenAI, has generally traded above its IPO price of $21. However, its performance has also highlighted the risks. After climbing above $56 per share in May, the fund has since fallen to around $28.

Robinhood has previously faced criticism over investment products linked to private companies. In 2025, it launched crypto tokens described as tokenised shares of OpenAI and SpaceX, prompting OpenAI to state that it was not involved and that the tokens did not represent ownership in the company.

Unlike those products, RVII will purchase actual shares in private companies, making it more comparable to a special purpose investment vehicle than to the tokenised assets launched in 2025.

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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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