Originally published by Ashley Cullins, The Hollywood Reporter
The board of Mission Advancement Corp., which includes Ava DuVernay, has all BIPOC members and a female majority.
On the heels of a first-look deal with Disney and ultra successful Nike campaign, Colin Kaepernick is forming a special purpose acquisition company that’s raising $250 million in its initial public offering, according to a Tuesday SEC filing.
The company, Mission Advancement Corp., is co-founded by Jahm Najafi and plans to acquire an approximately $1 billion company that has the potential to create a positive social and cultural impact.
That target hasn’t been identified yet, but the filing indicates they’re looking for a business that reflect 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.”
Mission Advancement Corp. will leverage Kaepernick’s brand marketing and investment experience with his “mainstream popularity, massive reach and high-profile relationships” to attract investors and, after making the acquisition, he intends to remain hands-on as an owner, board member and global ambassador.
The board is stacked with top talent across 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 Company 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 percent 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.”