5:03 pm PST 2/9/2021
in
Ashley Cullins
The Mission Advancement Corp. board, which includes Ava DuVernay, has all members of BIPOC and a female majority.
In the wake of an initial deal with Disney and Nike’s ultra-successful campaign, Colin Kaepernick is forming a special-purpose takeover company that is raising $ 250 million in its initial public offering, according to a SEC filing. on Tuesday.
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.
This target has not yet been identified, but the record indicates that they are 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-oriented and seeking to align themselves with culturally relevant social causes III.Brands are evolving into media platforms, allowing cultural influencers and authentic celebrities to help generate awareness, marketing exposure and value. “
Mission Advancement Corp. it will leverage Kaepernick’s brand marketing and investment experience with its “dominant popularity, massive reach and high profile relationships” to attract investors and, after making the acquisition, he intends to remain active as an owner, board member and global ambassador.
The board is filled with cutting-edge talent in a variety of sectors, including Ava DuVernay, Birchbox founder Katia Beauchamp, formerly Beats by Dre CMO Omar Johnson, Google’s head of global brand marketing for consumer Attica Jacques and Brian Lee, co-founder of 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 an independent council, composed of 100% blacks, indigenous people and people of color (BIPOC) and with a female majority,” the document states. “In addition, our team indicated its intention to launch an initiative in connection with the consummation of our initial business combination to provide opportunities for university students from underrepresented communities to gain access to scholarships and full-time opportunities in business and finance. “