Robinhood Ventures Fund II, the retail brokerage’s second venture vehicle, is set to list on the NYSE under the ticker RVII on August 13 with a portfolio that reads like a map of where the AI agent economy is being built. The fund’s largest single position is an infrastructure bet: most of its 80 holdings are early-stage companies selling the tools, platforms, and runtime layers that software agents will need to work at scale.
The agent-infrastructure cohort inside Fund II is a survey of the problem space. Shortwave Communications, the fund’s top holding at roughly 4.5 percent of the portfolio, builds AI agents that own work end to end, starting with email. Terminal Use is building hosting infrastructure for background agents, positioning itself as the deployment layer for software that acts autonomously. Replicas Group runs cloud infrastructure purpose-built for coding agents, while Workable Solutions is attacking the same developer audience from the repository side with an AI-native code hosting and development platform.
A second theme is compute and delivery. Smol Machines ships portable, self-contained virtual machines that cold-start in under a second, a bet that agent workloads will need to move between environments quickly. Limrun extends that idea to mobile, offering cloud sandboxes that give AI agents iOS and Android access without burning local resources. Speedtrain is building AI systems that run AI infrastructure, an answer to the growing operational complexity of managing model fleets, and Cumulus Compute Labs offers a serverless GPU cloud tuned for fast multimodal inference.
Several holdings target the interfaces agents use to act on the world. Lambda Systems is building payments infrastructure for voice agents, letting automated systems transact on a caller’s behalf. Relay Innovations sells phone numbers for AI agents, giving automated systems a native way to reach people. Laminar Run automates Windows desktop applications, unlocking legacy enterprise software for agent control, and Second Stage Labs is building communication infrastructure that lets agents talk to each other directly rather than through human-shaped interfaces.
The fund also holds companies focused on agent reasoning and orchestration. ReasonBlocks provides a runtime layer for AI agents, while JigsawStack sells purpose-built models for high-accuracy deterministic tasks. Voygr Tech supplies place intelligence APIs so agents can understand physical locations, and Veriad is building an AI assistant for email and calendar that works alongside knowledge workers. Autumn AI generates real-time prospect signals for outbound sales teams, and Daymi automates customer success workflows with agents that track, record, and prove their work.
Marketing and revenue operations are well represented. InstaAgent scales persona-driven social media campaigns for consumer brands, Keyframe Labs turns AI into lifelike video-call avatars, and Caretta provides real-time AI coaching for sales calls. Sparkley sends AI agents to grow revenue for home services businesses, while Sarah AI acts as a context layer for AI-native consumer packaged goods brands.
Fund II’s structure reflects its thesis. The fund invests primarily through simple agreements for future equity at $250,000 per company, with roughly 73 percent of assets in SAFEs as of its March 31 financial statements. It targets Y Combinator companies specifically, and the majority of the portfolio was assembled from the accelerator’s recent batches. The public listing gives everyday investors a way to buy exposure to this private market segment for the first time, at a $25.00 per-share offering price.
That public debut is the larger story behind the individual bets. Robinhood is betting that the venture asset class, historically reserved for accredited investors, can work as a listed product, and Fund II is its second attempt after the first fund’s successful launch. The agent-infrastructure cohort is the clearest signal of where the fund manager expects value to accumulate: not in any single model, but in the plumbing that lets autonomous software operate, communicate, and transact.
