Alternative Investments/ESG: Colin Kaepernick Forms SPAC Eyeing $1B ESG Consumer Company

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Jahm Najafi is a co-founder at the Special Purpose Acquisition Company (SPAC).

An SEC filing on Tuesday revealed that Mission Advancement Corp., an ESG-focused SPAC founded by Colin Kaepernick and Jahm Najafi, will raise $250 million via an IPO. The company will offer 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50.

The SPAC, or “blank check company,” intends to acquire a so-far unidentified target, approximately sized $1 billion, and having a positive ESG impact. (The Hollywood Reporter)

Structure: Mission Advancement Corp

The top management of the SPAC comprises:

  • Co-Chairman Colin Kaepernick (Founder of Kaepernick Publishing and Ra Vision Media and former quarterback for the San Francisco 49ers)
  • CEO and Co-Chairman Jahm Najafi (Founder and CEO of The Najafi Companies, a Governor on the Board of the NBA, and co-owner and Vice Chairman of the Phoenix Suns and McLaren F1 Racing)
  • CFO Peter Keane (CFO, The Najafi Companies)

Mission’s diverse board

Mission’s board is made up entirely of Black, Indigenous, and People of Color (BIPOC), with a female majority, including online cosmetics retailer Birchbox founder Katia Beauchamp.

Stacie Olivares of CalPERS, former Beats by Dre CMO and Apple VP Omar Johnson, and Google’s Head of Global Brand Consumer Marketing Attica Jaques also grace the board.

The target

The targeted acquisition would have the following characteristics:

  • It would be a business in the consumer sector
  • Have an enterprise value above $1 billion
  • It would utilize The Najafi Companies’ investment and operational expertise
  • It would leverage the strategic involvement of Co-Sponsor and Co-Chairman, Colin Kaepernick
  • The business should reflect these three themes:
    • Consumers are investing in brands that reflect their social values and recognize that purchasing decisions can act as instruments of change
    • Companies are becoming more mission-driven and seeking to align with culturally relevant social causes
    • Brands are evolving into media platforms, enabling authentic cultural and celebrity influencers to help drive awareness, marketing exposure, and value.

Colin Kaepernick

Kaepernick commenced protests against police brutality on minorities in 2016 when he made the gesture of kneeling during pre-game renditions of “The Star-Spangled Banner” while being a member of the San Francisco 49ers.

His publishing company features stories on race and civil rights in the country.

Related Story: Venture Capital  – The Kobe in “Bryant Stibel & Co”

Image Credit: Wikimedia Commons

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