Colin Kaepernick's New Venture Suffers Setback

News surfaced in early March that former San Francisco 49ers quarterback Colin Kaepernick was staking out a new venture. Mission Advancement Corp., a special acquisition company, debuted but did not find considerable success on the market. The company sold 30 million shares on Tuesday at $10 apiece.

According to Bloomberg, the "bland reception" gave Mission Advancement Corp. gave it a market value of less than $400 million. The blank-check firm boasts a board of "Black, Indigenous and people of color" and has a mission of partnering with and advancing a world-class consumer company in order to create meaningful value for all stakeholders. Jahm Najafi, who heads private-equity firm Najafi Companies, helps run Mission Advancement Corp.

The Mission Advancement Corp. board features several prominent members along with Kaepernick. The list includes Birchbox owner Katia Beauchamp and Google's head of global brand-consumer marketing Attica Jacques and Brian Lee. Omar Johnson, former Apple executive, serves as one of the directors, while Ava DuVernay, award-winning director, is an advisor.

"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," an SEC 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."

The 33-year-old Kaepernick spent his entire NFL career with the San Francisco 49ers (2011-2016). In 2012, Kaepernick took over as the full-time starter and led the 49ers to Super Bowl XLVII but lost to the Baltimore Ravens after falling short in a comeback effort. In his career, Kaepernick threw for 12,271 yards, 72 touchdowns, and 30 interceptions. He also rushed for 2,300 yards and 13 touchdowns.

While he has remained away from the NFL, Kaepernick has continued to train in hopes of another opportunity. He has also partnered with several companies for business pursuits. For example, he and Netflix unveiled a series based on his life, which will feature Mary Louise Parker and Nick Offerman as his parents.

"Too often we see race and Black stories portrayed through a white lens," Kaepernick said in a press release. "We seek to give new perspective to the differing realities that Black people face. We explore the racial conflicts I faced as an adopted Black man in a white community, during my high school years. It's an honor to bring these stories to life in collaboration with Ava for the world to see."