Robinhood Markets launched its second venture fund on Thursday, allowing retail investors to access early-stage startups that have typically been available only to venture capital firms and wealthy individuals.

The fintech company raised $225.5 million in the initial public offering of Robinhood Ventures Fund II , which will invest in early-stage and growth-stage private companies.

The fund will concentrate on current and former participants in the Y Combinator startup accelerator program. Y Combinator has financed over 5,000 companies with a combined valuation exceeding $1.3 trillion, including crypto exchange Coinbase (NASDAQ:COIN), social media platform Reddit (NYSE:RDDT), and ChatGPT maker OpenAI.

Robinhood gained prominence in 2021 by making investing accessible to individual investors through commission-free trading. The company has since expanded into a broader financial services platform, offering products from retirement accounts to a premium credit card.

RVII listed on the New York Stock Exchange after pricing 8 million shares at $25 each. Robinhood listed its first fund in March, which focuses on late-stage startups.

Startups are staying private for longer periods and raising more money before going public. Investors are seeking ways to invest before companies launch initial public offerings.

This trend has driven more capital into private markets, where startups can now reach multi-billion-dollar valuations without accessing public investors.