Acquisition: VIDA
At Indicator Ventures, founder-market fit is one of the most important parts of our investment strategy, especially given that we invest so early in a company’s lifecycle. When we were first introduced to VIDA’s CEO Umaimah Mendhro in 2016, we instantly knew that she was the right person to build and scale an online marketplace to democratize fashion for artists around the world. Umaimah grew up in a small town in southeast Pakistan, where she taught herself about textile and garment production, including how to cut, sketch, sew, stitch, block print, screen print, oil paint, and more. She eventually worked her way to Cornell University and then ultimately to Harvard University for an MBA. After working at Microsoft and then the product management firm West, Umaimah set out to create a fashion company that sought to break the chain of poverty often linked with textile companies established in developing countries like Pakistan.
After working closely with Umaimah and her team over the past two years, Indicator is pleased to announce that Cimpress (CMPR (NASDAQ) the parent company of Vistaprint) has invested $29M to acquire a majority stake in VIDA. We are thrilled that VIDA has found the perfect partner to rapidly scale and further Umaimah’s vision. The business, along with the entire team, will continue to operate as an autonomous unit within the Cimpress family of brands.
Our original thesis was that artists want to be able to monetize their passion without having to hassle with operations like product R&D, manufacturing, managing an online store, shipping, etc., so they can focus all of their energy on what they do best: creating. VIDA has quickly become the global platform where over 100,000 artists from 150 countries around the world go to customize designs and showcase their work on unique, high quality products while enabling them to easily sell directly to consumers. The company’s innovative supply-chain — which includes on-demand printing, rapid manufacturing, and mass customization — allows designers to offer consumers unique items ranging from custom-printed scarves to 3D printed jewelry with no out-of-pocket, upfront costs. And the best part is that for every product made, VIDA offers education and empowerment programs to its factory workers around the world. VIDA’s fundamentally superior and efficient manufacturing model, coupled with the company’s story of combining custom-made, original pieces with a strong social mission, resonated well with us — and it clearly resonated with customers, artists, and partners alike.
After closely following VIDA’s progress for years, Cimpress views this acquisition as a strategic topline opportunity. Robert Keane, Cimpress Founder and CEO, believes the acquisition will broaden his company’s reach: “VIDA pushes the boundaries of where Cimpress has historically operated and thus opens the door for us to expand our mass customization efforts into new and different markets.”
We are looking forward to watching VIDA continue to flourish under Cimpress’ leadership and we wish Umaimah and her team nothing but success going forward.
For more on the acquisition, click here.
