Former NFL quarterback turned activist Colin Kaepernick, has teamed with the investment firm Najafi Companies to form a SPAC called Mission Advancement Corp.
Kaepernick is most widely known for kneeling during the National Anthem in protest of police brutality and racial inequality. Still, now he’s trying to continue his activism by setting his sights on the business world.
The company’s goal is to “invest in and grow a business in a way that delivers a significant impact financially, culturally, and socially.”
In keeping with the promise of equality, the board comprises black, Indigenous and people of color and represented by a female majority.
Mission Advancement Corp’s goal is to raise $250 million and target companies with a scalable business model and an established U.S. customer base.
Kaepernick has a team of experienced leaders at his side, including Attica Jaques (Google’s head of global brand-consumer marketing), and Katia Beauchamp (co-founder and CEO of Birchbox.)
The former quarterback joins a few other former pro-athletes who added SPACs to their resumes, including Alex Rodriguez and Shaquille O’Neal.
Rodriguez announced his goal to raise $500 million for Slam Corp. O’Neal currently serves as an advisor to Forest Road Acquisition.
SPAC stands for Special Purpose Acquisition Company and are known as “blank check companies.”
A SPAC is created with the specific purpose to raise money through an IPO (initial public offering) to acquire private companies that will eventually go public.
SPACs typically have two years to invest the money; otherwise, they return the principal raised in the IPOs to the investors.
SPACs are continuing to gain traction this year after a record-breaking 2020. More than $76 billion of public offerings in 2020 came from SPACs.
For more on SPACs and IPOs, check out this article.