Colin Kaepernick Forms a SPAC to Target Social Causes

Former San Francisco 49ers quarterback Colin Kaepernick is continuing to make waves in the business world and is now starting a special-purpose acquisition company, or a SPAC, according to Axios. His goal is for this blank-check company to raise $250 million in an IPO and target companies valued at “north of approximately $1 billion,” according to Bloomberg.

Kaepernick is as well known for his social activism and support of Black Lives Matter as he is for the NFL, which he has not played in since 2016. He is co-chairing the SPAC with Jahm Najafi, who runs Najafi Companies, a private equity firm.

The SPAC is called “Mission Advancement.” Both men plan to work with companies that offer “a significant impact, financially, culturally and socially.” They also aim to purchase corporations which are at “the intersection of consumer and impact.”

“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,” Mission Advancement said in a SEC filing.

In a statement, Mission Advancement said the company highly values Kaepernick’s vast network of “high-profile and supportive relationships” as well. It expects Kaepernick’s contacts will be advantageous when it comes to sourcing the best deals.

The directors of the SPAC include Attica Jaques, head of global brand consumer marketing at Google, and Katia Beauchamp, co-founder and CEO at Birchbox. Emmy-Award winning director Ava DuVernay and Benjamin Horowitz, co-founder at Andreessen Horowitz, will serve as board advisers.