17:03 PST 2/9/2021
by
Ashley Cullins
The board of Mission Advancement Corp., which includes Ava DuVernay, has all BIPOC members and a female majority.
On the heels of a first-time deal with Disney and a hugely successful Nike campaign, Colin Kaepernick forms a specialty procurement company that raises $ 250 million in its initial public offering, according to a Tuesday SEC filing.
The company, Mission Advancement Corp., is co-founder of Jahm Najafi and plans to acquire a $ 1 billion business that has the potential to create a positive social and cultural impact.
The target has not yet been identified, but the submission indicates that they are looking for a business that reflects these three themes: ‘I. Consumers invest in brands that reflect their social values and recognize that purchasing decisions can serve as instruments of change. II. Companies are becoming more mission-driven and trying to align with culturally relevant social causes. III. Brands evolve into media platforms, enabling authentic cultural and celebrity influencers to promote awareness, marketing and value. “
Mission Advancement Corp. will leverage Kaepernick’s brand marketing and investment experience with its “mainstream popularity, high reach and high profile proportions” to attract investors, and after making the acquisition, he plans to become owner, board member and global ambassador.
The board is filled with top talent in various 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 an independent council of 100 percent black, indigenous and colored (BIPOC) and having a female majority,” the documentation reads. “In addition, our team has indicated that they would like to launch an initiative in connection with the completion of our initial merger to provide opportunities for university students from under-represented communities to access fellowships and full-time business and finance opportunities.”