From Spanish Facebook to $2.6B: Base10's AI Bet on Economy | Adeyemi Ajao | The Catapult Code Ep. 2

Hopefully when you call founders in our portfolio, they say that we show up when it matters. I'd rather take that than any other compliment.

Adeyemi Ajao taught himself to code in southern Spain in the 90s, taking two buses to a library to borrow COBOL and C++ manuals before returning home to a computer without a hard drive.

Twenty-one years later, he's the Co-Founder and Managing Partner of Base10 Partners, one of the world's largest Black-led venture firms, managing $2.6B in assets after an $850M raise. He was also the first Black investor named to the Forbes Midas List.

This conversation isn't about overnight success. It's about two decades of rejection, conviction, and changing your mind. Ade shares why he was once told "Applied AI" wasn't a real category, why he underestimated scaling laws, and why admitting you were wrong is often the best sign you're learning.

Ade argues that intelligence is no longer the bottleneck-adoption is. The challenge isn't the last mile between research and products; it's the last 50 miles between technology and organizations that can meaningfully use it.

Drawing from Base10's own experience building internal AI systems, and from conversations with small business owners, he explains why even the best technology often fails to reach the real economy.

⏱️ CHAPTERS

(00:00) We show up when it matters

(01:28) Being an outsider before it's a superpower

(04:22) Discovering technology

(06:12) Learning to code in southern Spain

(06:53) Building Tuenti ("Spanish Facebook")

(08:19)What defines a founder?

(11:19) Twenty-one years of hearing "no"

(12:32) Why "Applied AI" mattered

(16:18) Becoming an investor

(17:01) The 50% carry pledge

(18:01) Building a $2.6B platform

(20:43) The changing quality of founders

(26:19) Showing up when it matters

(26:45) The hardest founder decisions

(30:31) Talent vs. compute

(33:31) The last 50 miles of AI adoption

(38:03) The haircut test

(40:00) Being wrong about scaling laws

(40:50) World models & physical labour

(41:43) Advice for founders without networks

About the Guest

Adeyemi "Ade" Ajao is the Co-Founder and Managing Partner of Base10 Partners, investing in automation for the real economy. Before Base10, he co-founded Tuenti (acquired by Telefónica) and Identified (acquired by Workday), and was an early member of Cabify. Base10's portfolio includes companies such as Nubank, Figma, Instacart and Brex, while donating 50% of carried interest to scholarships for underrepresented students.

About The Catapult Code

The Catapult Code is a podcast for founders building enduring companies. Hosted by Ravi Ravulaparthi (Co-Founder & CEO of Qapita) and Brendan Marshall (founder, investor and operator from Silicon Valley), the show brings together founders, operators and investors from India and the US to unpack the decisions that shape exceptional businesses.

About Qapita

Qapita is a global private markets infrastructure platform helping founders, employees and investors manage ownership through equity management, fund administration and liquidity solutions.

Learn more: https://www.qapita.com

Youtube Link: https://youtu.be/braQZIfOiKA

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