# Adeyemi Ajao

> Adeyemi 'Ade' Ajao is a Nigerian-Spanish serial entrepreneur turned venture capitalist who co-founded Base10 Partners, the first Black-led VC firm to surpass $1 billion in AUM. Before building Base10, he sold Tuenti (Spain's dominant social network) to Telefónica for ~$100M and co-founded Identified, acquired by Workday. In 2023, he became the first Black investor ever named to the Forbes Midas List, and his fund's portfolio includes Nubank, Figma, Instacart, and Rappi. His contrarian bet on automating the 'Real Economy' — logistics, food, healthcare, retail — has generated over $3 billion in portfolio returns.

- **Role:** Co-founder & Managing Partner at Base10 Partners
- **Organizations:** Base10 Partners, Tuenti, Identified, Jobandtalent, Cabify, Workday Ventures, Code2040, Black Venture Capital Consortium, Founders Pledge
- **From:** Lagos, Nigeria
- **Nationality:** Nigerian-Spanish
- **Education:** Joint Law Degree & Master's in Economics, Comillas Pontifical University (ICADE), MBA, Stanford Graduate School of Business
- **Known for:** First Black investor ever named to the Forbes Midas List (2023, #96), Co-founded Base10 Partners — first Black-led VC firm to surpass $1 billion in AUM, Sold Tuenti to Telefónica for ~$100M; at the time Spain's largest social network with millions of users

## Career timeline

- **2005** — Co-founded Tuenti, Spain's dominant youth social network, while a student in Madrid
- **2010** — Sold Tuenti to Telefónica for approximately $100M (€75M); enrolled at Stanford GSB
- **2010** — Graduated with MBA from Stanford Graduate School of Business
- **2010** — Joined McKinsey & Company as a consultant
- **2014** — Co-founded Identified, an AI-powered HR/recruiting data analytics platform
- **2014** — Identified acquired by Workday; joined Workday as VP of Technology Product Strategy
- **2015** — Helped launch Workday Ventures, the company's first corporate VC fund
- **2017** — Co-founded Base10 Partners with TJ Nahigian in San Francisco
- **2018** — Raised Base10 Fund I — largest debut fund ever for a Black-led VC firm (TechCrunch)
- **2021** — Raised Base10 Fund III, pushing total AUM to $1.3B — first Black-led VC firm to surpass $1B
- **2023** — Named to Forbes Midas List (#96) — first Black investor ever on the list in its 20-year history
- **2024** — Named to Forbes Midas List for second consecutive year

## Achievements

- First Black investor ever named to the Forbes Midas List (2023, #96)
- Co-founded Base10 Partners — first Black-led VC firm to surpass $1 billion in AUM
- Sold Tuenti to Telefónica for ~$100M; at the time Spain's largest social network with millions of users
- Co-founded Identified, acquired by Workday in 2014
- Base10 portfolio generated $3B+ in returns; portfolio includes Nubank, Figma, Instacart, Rappi, Notion
- Helped launch Workday Ventures while VP at Workday
- Base10 Advancement Initiative pledges 50% of carry to scholarships for underrepresented STEM students
- ~60% of Base10 portfolio companies led by women or minority founders
- Named Stanford GSB case study subject

## Latest updates

- **2024-06** — Named to Forbes Midas List for the second consecutive year
- **2026-03** — Profiled as 'Nigerian billion-dollar VC trailblazer' by Billionaires Africa, noting Base10 as the first Black-led $1B+ VC firm in Silicon Valley

## Links

- Website: https://base10.vc/team/adeyemi-ajao/
- LinkedIn: https://www.linkedin.com/in/adeyemiajao
- Twitter/X: https://twitter.com/adeyemiajao
- GitHub: https://github.com/aajao
- Facebook: https://www.facebook.com/adeyemi.ajao

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Profile page: https://yespress.io/adeyemi-ajao
Published by YesPress — https://yespress.io
Last updated: 2026-05-05