Base10, Black-Led VC Firm, Boosts Managed Assets to $2.6 Billion

Base10 Partners, one of the biggest Black-led venture capital firms, has closed two funds and boosted assets under management to $2.6 billion.

Sofina, CalPERS and others committed a total of $850 million to the San Francisco-based firm known for its bets on Reddit Inc. and Brex Inc. and its efforts to attract underrepresented technologists to Silicon Valley.

Base10 Managing Partner Adeyemi Ajao said the firm will use the new funds to bankroll early stage AI companies seeking to upend construction, health care and other large industries.

Ajao said he and his firm will continue pushing for changes to the ...