Adeyemi Ajao and Base10 are raising a new $250 million fund - Business Insider

, which recently announced funds that are explicitly designed to back founders of color or those from underserved communities, Base10 hasn't made such a commitment either in its first fund or its second. What it has done is to intentionally break out of the standard way of doing business in the venture industry.

. As of 2018, two-thirds of venture firms didn't have a single female partner and only 3% of all partners were Black, according to the National Venture Capital Association. Meanwhile, just 1% of venture-backed founders were African American, and only 9% were women, according to a report last year from RateMyInvestor and Diversity VC.

Because it hasn't committed to invest a certain part of its funds in minority- or female-led companies, Base10 could have invested only in companies founded by white males and might do so in the future, Ajao said. But "that's highly unlikely," he said. Ajao and his team are also planning on working more closely with funds including Precursor Capital and Plexo Capital, which prioritize investing in startups founded by women and people of color. They plan to meet with the founders backed by such firms and to invest alongside them in future deals.

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