He is a king. Tuenti which he co-founded was sold for $100 million to Telefonica. Workday acquired Identified which he co-founded. As Vice President of Tech & Strategy, he ran Workday predictive analytics and data science. His Base10 Partners just raised $250 million. Base10 Partners becomes the World’s largest black-led venture capital firm. Adeyemi Ajao is building a new world in the minority venture capital world.
The world’s largest Black-led venture capital firm, Base10 Partners, just got bigger, raising $250 million to invest in startups and back a handful of initiatives designed to diversify the mostly-White industry.
The San Francisco-based firm plans to announce its second fund Friday at nearly twice the size of its previous one. Base10 also pledged to immediately and permanently donate 1% of management fees and 1% of the firm’s future profits to organizations focused on increasing racial justice and representation in tech.
Adeyemi Ajao, co-founder and managing partner of Base10, said the equality movement sparked by the death of George Floyd demanded an urgent response. While the contribution is relatively modest, Ajao said he’s hoping if others join the effort, it could be significant over time. Base10 estimates the venture industry could collectively contribute more than $200 million annually toward the cause.