Tarpon has recently acquired a relevant minority stake in True Source, a luxury-focused dietary supplement brand. Through its Tarpon 10b vertical – which invests in companies related to agriculture and food – the firm has made an initial investment of R$ 48 million in True Source, with a potential increase to R$ 150 million in the coming years depending on performance.
Founded in 2019 in Vitória, Espírito Santo, by Patrick Schilte and Cristina Prado, True Source already had experience in importing and selling dietary supplements. The company, with its own production facility in the capital city, currently employs 105 people and has been growing at a rate of 60% per year according to the founders.
With the funding, the company aims to accelerate its growth and expand its presence in retail. True Source currently has products in 4,000 points of sale and aims to reach 10,000 by 2027, especially targeting supermarkets and pharmacies.
True Source identified the need to create not only healthy but also tasty products to succeed in the market. One popular example is their coconut whey protein. In addition to supplements, the company aims to be perceived as a “clean label” brand, using recognizable and healthy ingredients, even if it comes at a higher price point.
The Brazilian dietary supplement market is expected to nearly double in value from R$ 4.3 billion in 2021 to R$ 9.5 billion in 2028, reflecting the aging population trend. This growth potential has caught the attention of Tarpon, with True Source being their first investment in the sector.
Besides Tarpon, other companies are also heavily investing in the sector. Vinci acquired Farmax three years ago, subsequently acquiring Sanavita and Negra Rosa. Nestlé made a significant move by purchasing Puravida in 2022, while Piracanjuba acquired Rodrigo Hilbert’s startup Emana in March.
