Colin Kaepernick is reportedly forming an acquisition company that is raising $250 million in capital for its initial public offering, according to its SEC filing.
The former San Francisco 49ers quarterback co-founded the special-purpose acquisition company (or SPAC), called Mission Advancement Corp., with Jahm Najafi, a Phoenix businessman who runs a private equity firm. The new venture is looking at acquiring a company worth “north of $1 billion” that would have a significant social and political impact.
It’s not clear what company they will acquire. However, Mission Advancement is looking for a company that reflects social responsibility in investing, a willingness to align itself with “culturally relevant social causes,” and brands that can become media platforms for influencers to bring social awareness.
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The mission of the Najafi/Kaepernick partnership is to identify, acquire and advance a company to create meaningful financial and societal value,” the SEC filing reads. “We believe that the experience and distinguished track record of our Co-Sponsors, directors and officers, and our strategic advisors will make us an attractive partner to potential target businesses and allow us to bring substantial value to the company post-business combination.”
The company’s board already comes with a who’s who of influencers, including filmmaker Ava DuVernay, Katia Beauchamp founder of Birchbox, Omar Johnson, former Beats by Dre CMO, Attica Jacques, head of global brand consumer marketing at Google, and Brian Lee, who co-founded The Honest Company.
“Najafi and Kaepernick’s commitment to their social mission is reflected in the formation of the independent board, made up of 100 percent Black, Indigenous and people of color (BIPOC) and has a female majority,” the filing continues. “In addition, our team has indicated an intent to launch an initiative in connection with the consummation of our initial business combination to provide opportunities for college students from underrepresented communities to gain access to fellowships and full-time opportunities in business and finance.”