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Published July 26, 2018
Published July 26, 2018
Vapour Organic Beauty

Vapour marks Ancora’s second investment in clean beauty, solidifying Ancora’s strong commitment to the category. Ancora‘s first investment was taking a majority stake in Indie Lee.

WHO: Vapour is a luxury natural color cosmetics brand that prioritizes personal and planetary health, founded in 2009 by category pioneers Krysia Boinis and Kristine Keheley. Firmly committed to sophisticated performance, clean ingredients, integrity, transparency, and sustainability, Vapour’s mission is to elevate inclusive organic beauty across the spectrums of age, race, and gender.

Ancora Investment Holdings was founded through a partnership between leading beauty industry veterans Lori Perella Krebs and Nicky Kinnaird, and consumer private equity firm Winona Capital. The partnership offers a unique mix of brand building, financial acumen, and operational expertise combined with entrepreneurial passion, creator appreciation, and love of innovation, redefining the growth model for nascent brands.

Winona Capital provides acquisition and growth capital in lower middle-market consumer and retail companies that have attractive revenue and brand enhancement opportunities. Winona partners with high-energy, passionate executives who have a shared focus on building great brands with sustained growth over long-term investment horizons. Winona Capital manages more than $300 million on behalf of its family office and institutional investors.

IN THEIR OWN WORDS: “We are committed to supporting creators of truly authentic, difference-making ideas and brands in the health, beauty and wellness realms. We are in this to break new ground and change the game,” Lori Perella Krebs and Nicky Kinnaird, founding partners of Ancora Investment Holdings, said in a statement.” Ancora is excited to work with brands that are championing the shift in the industry. Brands like Vapour that have the potential to be a truly authentic, authoritative voice in the clean color cosmetics arena.”

“Partnering with Ancora is a dream come true. Our creative bond is powerful, and we are well matched with a mutual passion for excellence,” said Vapour co-founder Kristine Keheley. “With Ancora we have chosen true partners who are as committed to the Vapour brand vision as we are. We’re elated to have the opportunity to evolve and expand Vapour with these amazing women,” added co-founder Krysia Boinis.


  • Anora invests in Vapour.
  • The terms of the investment were not released.
  • Ancora’s first investment was taking a majority stake in Indie Lee last year.

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