Former quarterback and current social justice activist Colin Kaepernick has partnered with Jahm Najafi to form Mission Advancement Corp., an ESG-focused blank check company that is targeting the consumer sector. According to The Hollywood Reporter, The company, Mission Advancement Corp, has filed with the SEC to raise up to $250 million in an initial public offering.
Based on a report of the filing, they have indicated that they’re looking for a business that reflects these three themes: “I. Consumers are investing in brands that reflect their social values and recognize that purchasing decisions can act as instruments of change. II. Companies are becoming more mission-driven and seeking to align with culturally relevant social causes. III. Brands are evolving into media platforms, enabling authentic cultural and celebrity influencers to help drive awareness, marketing exposure, and value.”
Some of the board members include people in a variety of industries, including Ava DuVernay, Birchbox founder Katia Beauchamp, former Beats by Dre CMO Omar Johnson, Google’s head of global brand-consumer marketing Attica Jacques, and Brian Lee, who co-founded The Honest Co. with Jessica Alba, and ShoeDazzle with Kim Kardashian.
“Najafi and Kaepernick’s commitment to their social mission is reflected in the formation of the independent board, made up of 100% Black, Indigenous, and people of color (BIPOC) and has a female majority,” states the filing. “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.”
According to NASDAQ, Mission Advancement Corp. is led by CEO and Co-Chairman Jahm Najafi, who serves as founder and CEO of The Najafi Cos., a governor on the board of the NBA, and co-owner and vice chairman of the Phoenix Suns and McLaren F1 Racing; Co-Chairman Colin Kaepernick, the founder of Kaepernick Publishing and Ra Vision Media and former quarterback for the San Francisco 49ers; and CFO Peter Keane, who currently serves as CFO of The Najafi Cos.