Robinhood Ventures Fund I (RVI) has invested approximately $30 million in Whatnot preferred stock as part of the company's $545 million Series G financing round. The transaction closed on August 5 and valued the live shopping platform at $20 billion.

Robinhood disclosed the investment on Friday through an official announcement, confirming that its venture vehicle purchased preferred stock within the broader Series G round.

Robinhood stated on X: "Robinhood Ventures Fund I (RVI) has invested $30 million in @Whatnot as part of the company's $545 million Series G round. Learn more: " — Robinhood (@RobinhoodApp), August 7, 2026.

Rationale Behind the Investment

Sarah Pinto, president of Robinhood Ventures Fund I, said in a statement that Whatnot is reimagining live shopping for consumers and changing the way people buy and sell products online. Pinto described Whatnot as a frontier private company that she believes should be accessible to retail investors. According to Pinto, the investment gives RVI shareholders exposure to Whatnot through their holdings in the fund.

Whatnot describes itself as the largest live shopping platform in the regions where it operates. Its marketplace spans trading cards, comic books, fashion, beauty products, and consumer electronics. Live shopping — which combines real-time video streams with instant purchasing — has grown into a significant e-commerce segment after first achieving widespread adoption in China through platforms such as Taobao Live and Douyin. Whatnot's $20 billion valuation places it among the most richly valued private companies in the live commerce category, a space that has also drawn investment from larger players expanding into video-driven shopping.

RVI: Robinhood's First Venture Fund

Robinhood Ventures Fund I is the first fund created and launched by the group's venture division. The publicly traded investment vehicle was designed to give shareholders access to select private-market opportunities. Its structure allows investors to hold shares in the fund while it deploys capital into chosen private portfolio companies.

The fund represents part of Robinhood's broader push to diversify beyond its core brokerage business, a strategy also reflected in the company's recent expansion into new product lines and revenue streams detailed in its quarterly results.

Investment Follows Strong Q2 2026 Earnings

The Whatnot deal followed Robinhood Markets' second-quarter 2026 earnings results, released on July 29. Total net revenue for the quarter ended June 30, 2026 reached $1.31 billion, a 32% increase from the same period in 2025.

Net income for the second quarter rose 48% year over year to $573 million. Diluted earnings per share (EPS) climbed 48% to $0.62 compared to the same quarter last year.

According to Robinhood, reported EPS included gains of $0.14 per share, or approximately $129 million. These gains were primarily driven by the deconsolidation of RVI, resulting from the divestment of part of the company's holdings in the publicly traded fund. Excluding this item, underlying EPS stood at approximately $0.48, while adjusted EBITDA gained 35% year over year to reach $741 million.

Transaction-based revenue grew 44% from the prior year to $776 million. Crypto transaction revenue, however, declined 38% year over year to $100 million, representing the lowest revenue segment reported in the quarterly results.

Total operating expenses for the second quarter rose 33% to $734 million. The company cited marketing expenses and costs associated with new lines of business as contributing factors. This figure also included one-time restructuring costs related to the workforce reduction announced in June.