Former NFL Quarterback turned activist Colin Kaepernick is throwing his hat into the SPAC ring.
According to Deadline, SPAC stands for special purpose acquisitions companies, and Kap will co-chair a new one called Mission Advancement Corp. The company is seeking to raise $250 million to invest in socially conscious brands. He’s partnering with the private investment Najafi Cos., which has holdings in consumer, retail, e-commerce, sports, media, and technology.
The company assembled a diverse board of directors for the SPAC with former Apple exec Omar Johnson; Attica Jaques, the head of Global Brand Consumer Marketing at Google; Katia Beauchamp, the co-founder and CEO of commerce beauty business Birchbox; and Stacie Olivares, a Trustees of the California Public Employees’ Retirement System.
Also, advisors include award-winning filmmaker and activist Ava DuVernay, among others.
Deadline reports that according to an SEC filing, the Mission Advancement Corp. will target companies worth about $1 billion “with a focus on high-quality brands with scalable business models and a direct relationship with an established customer base in the United States.”
Kaepernick gained notoriety in 2016 when he began kneeling during the National Anthem at NFL games to protest police brutality and racial injustice. He went unsigned after becoming a free agent and accused the NFL of colluding against him. He later settled privately with the NFL.