Colin Kaepernick is continuing to build his brand by getting in on the SPAC craze. According to CNN, the former San Francisco 49ers quarterback is forming a SPAC, or special purpose acquisition company that's raising $250 million in its initial public offering. He will serve as the co-chair of Mission Advancement Corp. and will try to find consumer businesses with an enterprise value "north of approximately $1 billion" that have a focus on "high-quality brands.
According to Markets Insider, the independent board includes "Black, Indigenous and people of colour." Omar Johnson, former Apple executive will serve as one of the directors, while Ava DuVernay, award-winning director, will be an advisor. Mission Advancement Corp. will leverage Kapernick's band marketing with "mainstream popularity, massive reach and high-profile relationships" to seek investors.
"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 said. The board also includes Birchbox owner Katia Beauchamp and Google's head of global brand-consumer marketing Attica Jacques and Brian Lee. Mission Advancement Corp. is co-founded by Jahm Najafi who runs the private-equity group Najafi Companies.
"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," the filing stated. "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."
Kaepernick continues to stay busy despite not being on an NFL roster. After the 2016 season, when he started kneeling during the national anthem, Kaepernick opted out of his contract and remained a free agent, which led to him filing a grievance against the NFL owners. The conversation of Kaepernick being back in the NFL increased after the deaths of George Floyd and Breonna Taylor.
Kaepernick, 33, played for the 49ers from 2011-2016. In 2012, Kaepernick led the 49ers to the Super Bowl but lost to the Baltimore Ravens. In his career, Kaepernick threw for 12,271 yards, 72 touchdowns and 30 interceptions. He also rushed for 2,300 yards and 13 touchdowns.