Colin Kaepernick Plans to Raise $250m for Social Justice SPAC

Former NFL quarterback Colin Kaepernick plans to raise $250 million for a special purpose acquisition company focused on racial equality and social justice issues.

The SPAC, called Mission Advancement Corp., will target companies with an enterprise value greater than $1 billion that have a scalable business model and an established U.S. customer base.

SPACs, commonly known as blank-check companies, are set up with the purpose of raising money through an initial public offering to eventually acquire another company.

Our mission is to “invest in and grow a business in a way that delivers a significant impact financially, culturally and socially,” Mission Advancement Corp. said in a U.S. Securities and Exchange Commission filing.

The investment firm Najafi Companies will work with Kaepernick, who is acting as a co-sponsor and co-chairman, to leverage his marketability and experience with brands such as Nike Inc. and Walt Disney Co. {snip}

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Mission Advancement Corp.’s independent board is completely made up of Black, Indigenous and people of color and represented by a female majority.

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