Having raised $137 million for Base10 Partners, Adeyemi Ajao has put together the largest fund of its kind for a black-led venture firm.
The 36-year-old co-founded Identified which was acquired by Workday and Tuenti which was acquired by Telefonica.
Base10 is a standout for its size and joins a short, but growing list of black-led venture firms, including Backstage Capital, Precursor Ventures and Plexo Capital, which have opened up shop in recent years.
Unlike Backstage Capital—which targets startups led by women, people of color and LGBT founders—Base10 will not focus on a particular group of founders.
And unlike Andreessen Horowitz’s Cultural Leadership Fund, Base10 does not appear to be using appeals to diversity in its marketing materials.
Andreessen’s $15 million fund announced last month donates a small portion of the total returns to non-profits working to increase the number of minorities in tech and has recruited black celebrities and influencers to participate (people the firm would like to get closer to anyway).