Base10 Partners

Base10 Partners is a venture capital firm based in San Francisco that focuses on investing in technology companies automating the real economy. Founded in 2017, the firm manages multiple funds and is known for its Advancement Initiative, a program designed to donate a significant portion of its profits from investments in automation-focused companies to support students at Historically Black Colleges and Universities and other Minority-Serving Institutions. The firm invests across stages, from seed to growth, in sectors such as logistics, construction, manufacturing, and retail.

History

Base10 Partners was established in 2017 by Adeyemi Ajao and TJ Nahigian, both experienced investors with backgrounds at firms like IDEO and Benchmark. The firm's thesis centered on the "automation of the real economy," seeking out startups that apply technology to large, traditional industries. In 2020, Base10 Partners launched its first Advancement Initiative alongside its second fund, a structure that earmarks 50% of the firm's carried interest from investments in automation companies to create an endowment for scholarships. This initiative has formed partnerships with institutions including Morehouse College, Spelman College, and the Thurgood Marshall College Fund. The firm has rapidly scaled its assets under management, closing a $460 million early-stage fund in 2021 and a $750 million growth fund in 2022, signaling its expansion into later-stage investing.

Investment strategy

The firm’s core investment strategy targets the disruption and automation of massive, offline sectors—often described as the "real economy"—which include fields like transportation, agriculture, supply chain management, and hospitality. Base10 Partners looks for companies leveraging technologies such as robotics, artificial intelligence, and IoT to drive efficiency. A distinctive component of its strategy is the Advancement Initiative, which ties the firm's financial success in automation investments directly to funding educational opportunities at Historically Black Colleges and Universities. This creates a thematic link between the potential job displacement from automation and reinvestment into underrepresented communities. The firm typically acts as a lead or co-lead investor, taking board seats and working closely with portfolio companies like Faire and Notion.

Portfolio companies

Base10 Partners has built a diverse portfolio of companies across its target sectors. Notable investments in the e-commerce and retail technology space include Faire, an online wholesale marketplace, and Nuvocargo, a digital platform for cross-border trade between the United States and Mexico. In fintech and infrastructure, the firm has backed Plaid, a financial services API company, and Modern Treasury, a payments operations platform. Automation-focused holdings feature companies like Covariant, which develops AI for warehouse robotics, and ISEE, focused on autonomous yard trucks for logistics. Other significant portfolio companies span proptech, such as Kitt, and developer tools, including the productivity platform Notion.

Leadership and team

The firm is led by its founding partners, Adeyemi Ajao, previously a co-founder of Identi and Tuenti, and TJ Nahigian, who held roles at Benchmark and Battery Ventures. The partnership also includes Chris Zeoli, a partner who focuses on growth-stage investments and previously worked at Goldman Sachs. The team combines operational experience from founding and scaling companies with deep venture capital expertise from tenures at established firms like General Catalyst and Kleiner Perkins. This leadership has been instrumental in shaping the firm's thematic investing approach and in establishing its unique philanthropic-linked Advancement Initiative.

Impact and recognition

Base10 Partners has garnered attention both for its investment performance and its social impact model through the Advancement Initiative. The program, developed in collaboration with the United Negro College Fund, is projected to generate substantial scholarship endowments, potentially distributing hundreds of millions of dollars to students over time. This model has been highlighted by publications like Forbes and TechCrunch as an innovative approach to impact investing within venture capital. The firm itself has been recognized on lists such as the Forbes Midas List for its successful bets on companies like Plaid and Faire, which have achieved significant valuations and market impact in their respective industries.

Category:Venture capital firms of the United States Category:Companies based in San Francisco Category:Financial companies established in 2017