Black-Led VC Firm Base10 Partners Raises $850M Across Two Funds

Base10 Partners has closed two funds, raising $850 million in fresh capital throughout 2025 and increasing its total assets under management to $2.6 billion.

The Black-led venture firm’s portfolio includes category leaders such as Nubank, Brex, Instacart, Notion, Motive, WeTravel, Blank Street, Lexroom, and HappyRobot.

The capital will be deployed across automation for the real economy and applied AI, with a focus on backing companies from Seed to Series B.

Related Post: Collide Capital Closes $95M Fund II for Early-Stage Startups

Applying AI for the Real Economy

Base10 was launched in 2018 by Adeyemi Ajao and TJ Nahigian on an unfashionable bet that the biggest AI opportunity was not in foundation models or developer tools, but in automating the industries that actually run the world. That means logistics, financial services, healthcare, transportation, and construction. 

“When we raised Fund I, we called ourselves the first fund focused on Applied AI for the Real Economy, and LPs told us applied AI was too ‘niche’ and ‘not a thing’, so we had to change it to Automation,” said Ajao, co-founder and managing partner, Base10 Partners. 

“Today, we have several portfolio companies applying AI to the Real Economy that are growing from zero to tens of millions in revenue in under 12 months — that is unprecedented. The Automation of the Real Economy is here. This is what Base10 was founded for.”

The San Francisco firm ranks among the world’s largest Black-led venture capital funds. It has closed two new funds: a seed and Series A vehicle (Fund 4) and a Series B fund (Fund 2). Limited partners include Sofina, university endowments, sovereign wealth funds, and other institutions. Base10 is already deploying the capital.

Base10’s Category-Leading Portfolio Companies

Base10 backs some of the most recognized names in tech. Its portfolio includes Nubank, Latin America’s largest digital bank, as well as Brex, Instacart, Notion, Figma, Stripe, and Motive. It also backed HappyRobot, which closed a $44M Series B in September 2025 led by Base10 to automate logistics operations with AI voice agents. 

Related Post: Gateway Capital Partners Reaches First Close of $25M Fund II to Back Midwest Startups

Ajao joined Motive’s board in December 2025. “He brings a unique perspective on turning AI innovation into durable enterprise value,” said Shoaib Makani, co-founder and CEO of Motive. “Choosing the right partner at the Series B was more than a financial decision. It’s a critical time to find people who actually believe in what you are building. Base10 has been with us every step of the way since we brought them on. That kind of support makes a real difference when you’re moving fast,” said Pablo Palafox, co-founder and CEO of HappyRobot.

The firm invests from Seed to Series B. It targets companies based on the market potential of their category. Base10 says several portfolio companies are now scaling from zero to tens of millions in revenue within 12 months.

Base10’s AI Advancement Initiative

Alongside the fundraiser, Base10 reaffirmed its commitment to the Advancement Initiative. The program donates up to 50% of carried interest to students from all backgrounds pursuing careers in technology. 

CodePath is a key partner. It was recently named Anthropic’s flagship economic mobility partner, bringing AI-native engineering to students historically locked out of the industry. This year, Base10 hosted events with CodePath, Anthropic, and OpenAI to connect educators, students, and HR leaders navigating the AI transition. 

“Base10 has earned our continued confidence through their focus, their portfolio, and the way they show up for founders. This fundraise reflects what happens when a firm stays focused on what it knows,” said Benjamin Sabatier, principal at Sofina.

Related Post: Black-Owned Illumen Capital Raises $32.75M to Reduce Bias in Venture Capital

2026 is the year AI investment shifts decisively from model building to real-economy application. That is exactly the territory Base10 has occupied for eight years. The deeper question is execution at scale. As AI capital floods applied verticals, the firm that built its edge on being early must now prove it can stay ahead of the crowd it helped create. Whether the next Nubank or Brex is already in the portfolio is the bet Ajao and Nahigian are making with this raise.

Main Image:  TJ Nahigian and Adeyemi Ajao. Image Credit: Base10