Colin Kaepernick’s acquisition company plans to raise $250 million
The company's board includes 'top talent' from Ava DuVernay to Omar Johnson of Beats by Dre
Fresh off of his new Snapchat docuseries, Colin Kaepernick’s acquisition company is seeking to raise $250 million in its “initial public offering.”
Colin Kaepernick is, of course, no stranger to social justice. While still unsigned to any team on the NFL, Kaepernick has remained steady in his activism and push for social change, from his Know Your Rights camp to his philanthropic efforts.
Now, according to multiple reports, Kaepernick is forming a special purpose acquisition company (SPAC), Mission Advancement Corp., with “plans to acquire an approximately $1 billion company that has the potential to create a positive social and cultural impact.”
Co-founded by Jahm Najafi, the official filing states, “We believe Mr. Kaepernick’s substantial business experience combined with his long-term leadership on racial equity and justice issues will support our success in identifying a prospective target company and adding transformational value to the combined entity.”
The filing also states, “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.”
Per The Hollywood Reporter, the board of the company includes “top talent across a variety of industries,” from Ava DuVernay to Omar Johnson, the former Beats by Dre CMO, and Katia Beauchamp, Birchbox co-founder and CEO.
The filing goes on to indicate what they hope to launch as a company, stating, “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.”
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