The fundraising target for RVII has not yet been set, the company said in a blog post. For its inaugural fund, Robinhood sought to raise $1 billion but ultimately fell several hundred million short of that goal.

Despite the shortfall, the first fund has performed strongly. RVI — the ticker for Robinhood’s first fund, which trades on the NYSE (New York Stock Exchange) — debuted on the NYSE at $21 a share in early March and has since more than doubled, closing on Monday at $43.69. Market enthusiasm for the AI prospects of the fund’s underlying startups has likely fueled the stock’s rise.

The premise behind both funds addresses a long-standing gap in who gets to invest in startups. Under federal rules, only “accredited” investors — those with a net worth exceeding $1 million or annual income above $200,000 — can put money into private companies. That has historically locked ordinary investors out of the earliest and most lucrative stages of a company’s growth. RVI and now RVII are designed to change that, letting anyone invest in a portfolio of private startups through a regular brokerage account.

“You can think of [Robinhood Ventures] as a publicly traded venture capital firm with daily liquidity. No accreditation requirements and no carry,” Robinhood CEO Vlad Tenev said in an interview at The Wall Street Journal’s Future of Everything conference last week. Daily liquidity means shares can be bought or sold any day the market is open, unlike traditional VC funds, where capital is locked up for years. No carry means Robinhood doesn’t take a percentage of investment profits, as conventional venture firms typically do.