# Base10 (venture capital firm)
[Base10 Partners](https://www.edgepedia.org/base10-partners), usually shortened to Base10, is a San Francisco-based venture capital firm founded in 2018 by [Adeyemi Ajao](https://www.edgepedia.org/adeyemi-ajao) and TJ Nahigian that invests from Seed through Series B in startups automating what it calls the "real economy": logistics, financial services, healthcare, transportation, and construction.[1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html) • [2](https://techfundingnews.com/black-led-base10-closes-850m-across-two-funds-to-back-ai-companies-transforming-the-real-economy/) The firm remains active: it filed a new early-stage fund with the SEC in February 2025 and announced in June 2026 that it had closed $850 million during 2025 and manages $2.6 billion in assets, a figure the firm reports itself.[3](https://www.sec.gov/Archives/edgar/data/2049136/000204913625000001/0002049136-25-000001.txt) • [1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html)
| Fact | Detail |
| --- | --- |
| Founded | 2018, by Adeyemi Ajao and TJ Nahigian[1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html) |
| Headquarters | 101 Mission Street, Suite 1115, San Francisco, California[3](https://www.sec.gov/Archives/edgar/data/2049136/000204913625000001/0002049136-25-000001.txt) |
| Strategy | Seed through Series B; "Automation for the Real Economy"[1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html) • [2](https://techfundingnews.com/black-led-base10-closes-850m-across-two-funds-to-back-ai-companies-transforming-the-real-economy/) |
| Funds | Fund III: $449.85M sold (2021 vintage); prior fund closed at $443M (2023); $850M across two funds closed in 2025[4](https://www.sec.gov/Archives/edgar/data/1900718/000190071822000001/0001900718-22-000001.txt) • [5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/) |
| Assets under management | $2.6 billion (firm-reported, June 2026)[1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html) |
| Limited partners | Sofina, CalPERS, sovereign wealth funds, endowments[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/) |
| Portfolio | More than 200 companies backed since 2018, including Nubank, Brex, Notion, Figma[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/) • [6](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/) |
| Signature program | Advancement Initiative: 50% of carried interest from select funds to underfunded colleges and universities[8](https://base10.vc/purpose/) |
## History and founders
Adeyemi Ajao is co-founder and Managing Partner. He previously co-founded and led Tuenti, the social network described as the "Spanish Facebook," which [Telefónica](https://www.edgepedia.org/telefonica) acquired in 2010, and co-founded the Madrid-based rideshare company Cabify; he also worked at Workday Ventures. TechCrunch describes Ajao as half Nigerian and originally from Spain.[9](https://archive.base10.vc/team/) • [6](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/) TJ Nahigian is co-founder and Managing Partner; before Base10 he founded and was CEO of Jobr, a mobile job platform. The firm's archived team page states that the two founders together had invested over $300 million in more than 70 companies. Rexhi Dollaku, a Principal at the firm, was previously an investor at Insight Venture Partners.[9](https://archive.base10.vc/team/)
SEC filings confirm the two founders' roles. The Form D/A for Base10 Partners III, L.P., signed by Ajao in February 2022, lists Ajao and Nahigian as executive officers and managing members of the general partner Base10 Partners III GP, LLC.[4](https://www.sec.gov/Archives/edgar/data/1900718/000190071822000001/0001900718-22-000001.txt)
When the firm closed its third fund in April 2022, [TechCrunch](https://www.edgepedia.org/techcrunch) reported that Base10 said the fund made it the world's largest Black-led venture capital fund, a claim attributed to the firm itself.[6](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/)
## Strategy and investment approach
Base10 invests from Seed through Series B in companies automating sectors it groups under the "real economy": food, retail, logistics, fintech, healthcare, transportation, and construction.[6](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/) • [2](https://techfundingnews.com/black-led-base10-closes-850m-across-two-funds-to-back-ai-companies-transforming-the-real-economy/) The firm runs two parallel vehicles: an early-stage fund for seed and Series A, and a Series B fund of roughly equal size.[7](https://news.crunchbase.com/venture/base10-partners-invests-real-economy-automation-ajao/)
The stated cadence is 10 to 15 seed investments and two to three Series A deals per year from the early-stage fund, and three to four Series B investments per year from the Series B fund.[7](https://news.crunchbase.com/venture/base10-partners-invests-real-economy-automation-ajao/) Base10 describes a research-first process: it spends roughly 50% of its time with companies that are not fundraising, and says 90% of its investments stem from its own research.[7](https://news.crunchbase.com/venture/base10-partners-invests-real-economy-automation-ajao/)
## Funds raised
The firm's fund record, combining SEC filings with press reporting:
- **Fund III (Base10 Partners III, L.P.).** A Delaware venture capital fund based at 16 Maiden Lane, San Francisco, reported $449,850,000 total amount sold with nothing remaining, first sale December 22, 2021, across 104 investors.[4](https://www.sec.gov/Archives/edgar/data/1900718/000190071822000001/0001900718-22-000001.txt) TechCrunch reported the close as $460 million in commitments, bringing assets under management to $1.3 billion.[6](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/) The Form D filing and the press figure differ by about $10 million; the SEC number is the filed amount sold.[4](https://www.sec.gov/Archives/edgar/data/1900718/000190071822000001/0001900718-22-000001.txt) • [6](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/)
- **Prior fund.** Closed at $443 million in 2023, according to ImpactAlpha.[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/)
- **Base10 Seed & Series A IV, L.P.** A Delaware fund formed in 2024, its Form D was filed on February 24, 2025 reporting a $450,000,000 total offering amount with $0 sold as of the filing, signed by Ajao as Managing Partner of the general partner.[3](https://www.sec.gov/Archives/edgar/data/2049136/000204913625000001/0002049136-25-000001.txt)
- **2025 closes.** In 2025 the firm closed $850 million across two funds: the seed and Series A Fund 4 and a roughly equal-sized Series B Fund 2. ImpactAlpha notes this is nearly double the previous fund's $443 million.[7](https://news.crunchbase.com/venture/base10-partners-invests-real-economy-automation-ajao/) • [5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/) Limited partners in the new funds include the Belgian family investment group Sofina and the California public pension fund CalPERS, alongside sovereign wealth funds, and endowments.[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/)
In June 2026 the firm announced it manages $2.6 billion in assets. This figure comes from the firm's own press release and has not been independently verified in the sources retrieved.[1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html)
## The Advancement Initiative
The Advancement Initiative is Base10's profit-sharing commitment. Its mechanics, per the firm's own Purpose page: the Managing Partners have committed to donate 50% of the carried interest earned from select Base10 managed funds to organizations expanding access for students with limited opportunities in tech and entrepreneurship. A portion of the donations creates scholarships named after portfolio companies that contribute to fund performance.[8](https://base10.vc/purpose/)
The distinction between carried interest and profits matters. The firm's June 2026 press release says Base10 "donates 50% of profits" to underfunded colleges and universities,[1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html) while the firm's Purpose page and Crunchbase News describe the commitment as up to 50% of carried interest from select funds,[8](https://base10.vc/purpose/) • [7](https://news.crunchbase.com/venture/base10-partners-invests-real-economy-automation-ajao/) so the commitment applies to a specific slice of fund economics from designated funds, not to the firm's revenue as a whole.
ImpactAlpha reports that the initiative targets scholarships for students at Historically Black Colleges and Universities and support for HBCU endowments, and that it is expanding to on-campus training, internships, and job placement for HBCU students.[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/)
## Portfolio and exits
As of April 2022 Base10 had 79 portfolio companies. TechCrunch named Nubank, the Brazilian fintech that went public in late 2021, along with Notion (then valued at $10 billion), Figma ($10 billion), FTX ($32 billion), and [Handshake](https://www.edgepedia.org/handshake) ($3.5 billion).[6](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/) By 2026 the firm said it had backed more than 200 companies since 2018.[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/)
The firm's self-reported portfolio list includes Nubank, Brex, Instacart, Notion, Motive, WeTravel, Blank Street, Lexroom, and [HappyRobot](https://www.edgepedia.org/happyrobot).[1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html) ImpactAlpha adds Waterplan and August Health.[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/) Crunchbase News groups Motive, WeTravel, HappyRobot, and Blank Street as companies fitting the real-economy automation thesis across logistics, payroll, and construction.[7](https://news.crunchbase.com/venture/base10-partners-invests-real-economy-automation-ajao/)
One recent deal illustrates the current thesis: HappyRobot closed a $44 million Series B led by Base10 in September 2025, using AI voice agents to automate logistics operations.[2](https://techfundingnews.com/black-led-base10-closes-850m-across-two-funds-to-back-ai-companies-transforming-the-real-economy/)
## Recent developments
Three developments mark the period. First, fundraising roughly doubled: from the $443 million fund closed in 2023 to $850 million across two funds during 2025, with the new early-stage vehicle filed with the SEC in February 2025 and capital already deploying.[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/) • [3](https://www.sec.gov/Archives/edgar/data/2049136/000204913625000001/0002049136-25-000001.txt) • [2](https://techfundingnews.com/black-led-base10-closes-850m-across-two-funds-to-back-ai-companies-transforming-the-real-economy/) Second, the firm's stated focus has sharpened around AI: the 2025 and 2026 announcements frame the thesis as "real economy AI," backing companies applying AI to logistics, financial services, healthcare, transportation, and construction.[2](https://techfundingnews.com/black-led-base10-closes-850m-across-two-funds-to-back-ai-companies-transforming-the-real-economy/) • [1](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html) Third, the Advancement Initiative expanded from scholarships and endowment support to on-campus training, internships, and job placement for HBCU students.[5](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/)
## References
1. [Base10 Partners Hits $2.6B AUM, Closes $850M — PR Newswire](https://www.prnewswire.com/news-releases/base10-partners-hits-2-6b-aum-closes-850m-to-back-the-next-wave-of-real-economy-ai-302797885.html)
2. [Base10 closes $850M across two funds — TechFundingNews](https://techfundingnews.com/black-led-base10-closes-850m-across-two-funds-to-back-ai-companies-transforming-the-real-economy/)
3. [SEC Form D — Base10 Seed & Series A IV, L.P.](https://www.sec.gov/Archives/edgar/data/2049136/000204913625000001/0002049136-25-000001.txt)
4. [SEC Form D/A — Base10 Partners III, L.P.](https://www.sec.gov/Archives/edgar/data/1900718/000190071822000001/0001900718-22-000001.txt)
5. [Base10 raises $850 million for "real economy" AI — ImpactAlpha](https://impactalpha.com/base10-raises-850-million-for-real-economy-ai/)
6. [Base10 Partners closes fund three with $460M — TechCrunch](https://techcrunch.com/2022/04/05/base10-partners-closes-fund-three-with-460m-to-invest-globally-the-cat-is-out-of-the-bag/)
7. [Base10 Partners Closes 2 Funds Totaling $850M To Invest In Real Economy Automation — Crunchbase News](https://news.crunchbase.com/venture/base10-partners-invests-real-economy-automation-ajao/)
8. [Purpose — Base10](https://base10.vc/purpose/)
9. [Team — Base10 (archived)](https://archive.base10.vc/team/)
---
*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of the Americas › Food, agriculture, and industrial investors*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license