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Colin Kaepernick Launches $250M ESG SPAC

Chris Katje
·2 min read

Former NFL quarterback Colin Kaepernick is the latest athlete and celebrity to be part of a special purpose acquisition company.

The SPAC: Mission Advancement Corp is a SPAC launched by Kaepernick and Jahm Najafi. The SPAC is seeking to raise $250 million by selling 25 million units. Each unit includes one common share and one third of a warrant. No ticker symbol was given in the SEC filing.

The Team: Kaepernick is known for his years as the quarterback of the San Francisco 49ers, which included a trip to Super Bowl XLVII.

He's become even more famous for being a voice for social justice, igniting a firestorm when he began taking a knee during the national anthem in the 2016 season. He hasn't been played for any NFL team since the conclusion of that season.

Kaepernick has held endorsement deals with partners like Nike Inc (NYSE: NKE), Walt Disney Co (NYSE: DIS), Netflix Inc (NASDAQ: NFLX) and Beats by Dre, an Apple Inc (NASDAQ: AAPL) company. Campaigns at Nike from Kaepernick boosted the company’s value by $6 billion and sales by 31%, according to the filing.

Najafi is a private equity investor and a partial owner of the Phoenix Suns team in the NBA. Najafi has a track record of working with celebrities on brands. He has done deals for Moon with Kendall Jenner and Florence with Millie Bobby Brown.

Ben Horowitz will serve as an advisor on the SPAC. The venture capitalist has invested in Airbnb, Clubhouse, Coinbase, Roblox, Stripe and other top private companies. Horowitz is the co-founder of Andreessen Horowitz.

Omar Johnson, the former CMO for Beats by Dre and VP of Marketing for Apple is also a member of the SPAC management team.

Related Link: 6 Sports SPACs To Consider For Your Investing Playbook

About Mission Advancement Corp: The SPAC is targeting the consumer sector.

The SPAC is seeking to find a company that will provide investors with “mission-driven, meaningful financial and societal value.”

Brands are evolving into media platforms and Mission Advancement Corp believes it can add value to a private brand. Kaepernick is expected to stay engaged in the targeted company, become a Board of Directors member and a global brand ambassador.

Environmental, social and governance, also known as ESG, is a common theme mentioned throughout the SPAC filing.

“We believe customers want to buy from and promote brands that are purpose-driven and employees want to work for companies that share their values,” the filing said.

The SPAC is seeking to find a company valued at $1 billion with an established customer base, ESG related characteristics and a plan for growth.

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