Robinhood CEO Vlad Tenev is touting the success of the fintech’s new Ventures Fund I , which allows retail investors to invest in private tech companies like Stripe, Oura, Databricks, OpenAI, and others, through a publicly-traded fund listed on the NYSE. “We had something like over 150,000 retail investors participate in the IPO, so it’s quite democratized,” noted Tenev, in an interview at The Wall Street Journal’s “Future of Everything” conference this week.

The fund, which launched in March, arrives at a time when the term “unicorn,” which once referred to the rare billion-dollar startup, has become outdated.…