Base10 Partners, a San Francisco-based Black-led venture capital firm, has closed two funds totaling US$850 million. Investors including Sofina and CalPERS, bringing assets under management to $2.6 billion.

Managing partner Adeyemi Ajao said the new capital will back early-stage AI startups. The firm is targeting large sectors including construction and healthcare.

Ajao said Base10 will also continue its Advancement Initiative. The program directs parts of the firm’s profits to endowments and student scholarships at historically Black colleges and universities.

The number of venture capital firms fell last year. Nearly half of the investors active in 2021 have since exited the market, according to the National Venture Capital Association.

Base10 closed its previous fund at $443 million in 2023 and has backed more than 200 startups, including Reddit and Brex.

🔗 Source: Bloomberg