49ers Star Christian McCaffrey Secures Equity Stake In Startup Footwear Company

San Francisco 49ers running back Christian McCaffrey (23) runs the ball against the Seattle Seahawks in an NFL football game, Sunday, Nov 17, 2024, in Santa Clara, Calif. Seahawks defeated the 49ers 20-17. (AP Photo/Jeff Lewis)

Associated Press

Since entering the NFL in 2017, San Francisco 49ers running back Christian McCaffrey has been among the most productive players in the league when healthy. He’s also earned tens of millions of dollars in salary, signed several lucrative endorsement deals and invested in various companies. Most recently, McCaffrey secured an equity stake in While on Earth, a startup footwear and apparel company that launched last fall.

McCaffrey previously invested in Hyperice, a manufacturer of therapy devices for athletes and consumers, and Oura Ring, a manufacturer of a fitness and sleep tracker. In addition, he invested in BodyArmor before Coca-Cola assumed full control of the sports drink company in 2021 in a deal that valued BodyArmor at $6.5 billion.

With While on Earth, McCaffrey is not only an investor but he received a “very meaningful” equity stake, according to Todd Meleney, the company’s CEO and co-founder, although Meleney would not disclose the percentage or the company’s valuation. McCaffrey has met several times over the past few months with Meleney and other executives and provided feedback on the company’s designs and plans for future growth. McCaffrey had a sponsorship deal with Nike since his rookie season, but he chose to not renew the contract and instead partnered with While on Earth.

While on Earth plans on introducing signature McCaffrey sneakers and gear next year, although the company does not make football cleats, so McCaffrey can wear another brand of cleats during practices and games. McCaffrey wore Nike cleats during practices this month, and he will be wearing Nike uniforms during the season because the company has an exclusive uniform deal with the NFL through the 2038 season.

“I’ve never been offered any kind of deal quite like this, where it was all stars aligned,” McCaffrey said. “I was at a point where I was like, this would be really cool to be a part of something bigger than myself, and something from the start….I thought this would be an amazing challenge and something that would last, not just in my career, but would transcend that time of my career.”

Meleney was one of the first employees at Nobull, a footwear and apparel company founded in 2015 by former Reebok employees Marcus Wilson and Michael Schaeffer. Meleney eventually became Nobull’s chief marketing officer and helped secure sponsorships with the PGA Tour, CrossFit Games and the NFL. Meleney left Nobull in 2023 shortly before billionaire Mike Repole’s private equity firm acquired a majority stake in Nobull.

After Meleney departed Nobull, he teamed with former CrossFit athletes Brooke Wells and Mat Fraser to found While on Earth. The company raised a seed funding round in the “low seven figures,” according to Meleney, meaning the low-millions of dollars range. In September 2024, While on Earth launched its first sneaker, a training and casual shoe that sells for between $150 and $160 on the company’s website and in select retail stores. The company also sells shirts, shorts, hats and other apparel.

Although McCaffrey only recently invested in While on Earth, he received the title of a co-founder. Meleney said that he was impressed with McCaffrey’s intelligence, honest feedback and interest in the company. He expects McCaffrey will have a voice in helping While on Earth get into running and other categories next year and beyond.

“There’s this thread in the market around how celebrities are endorsing brands,” Meleney said. “While that is certainly true, this relationship with Christian is really unique because he’s genuinely a part of building the company. That started from the minute he and I formalized our relationship, and we think it’s something that’s going to last for a really long time in the market.”

McCaffrey, meanwhile, said he has been interested in investing since attending Stanford University, where he was an All-American and finished in the top 10 of the Heisman Trophy voting in 2015 and 2016. After the Carolina Panthers selected McCaffrey with the eighth overall pick in the 2017 draft, he received financial advice from his father, Ed McCaffrey, who played in the NFL for 13 seasons.

During his time with the Panthers, McCaffrey also kept in touch with people he knew from his college days who worked in private equity and venture capital. When he was traded to the 49ers in 2022, he said the investment opportunities “exploded times 10.” With While on Earth, McCaffrey said he is excited about having a say in the company and how it will compete in a competitive industry dominated by established companies such as Nike and adidas.

“One of my investment advisors used to say before you invest in anything, you have to ask yourself, ‘Do you like the people involved and do you like the product?’,” McCaffrey said. “Those two questions got answered very quickly with While on Earth. I look at it as I’m going to attack this the same way I attack football. I’m going to put my all into it, and hopefully it succeeds.”