Eterneva is a company that is helping turn loved ones’ ashes into diamonds. This 5-year-old startup specializes in memorializing loved ones by turning their ashes into diamonds so that they will always be with you.
These diamonds are customized in different ways, depending on what the client wants. They focus on making them customized to the individual being remembered. Moreover, Eterneva does not just make diamonds for the humans, it is available for beloved pets who have passed away as well.
Garrett Ozar and Adelle Archer are the founders and owners of Eterneva. They previously worked together at a company known as BigCommerce and later ventured out together to launch their business called Eterneva. As of 2022, the company is estimated to have a net worth of $4 million.
The idea came from desiring to memorialize a coworker they had just lost. At the time, Archer was working for a diamond startup firm and had thus had the connection to launch the business. For a huge price, the firm ships the cremated ashes to a diamond lab in Amsterdam. This process takes about 8 months which can then be personalized by the customer.
Why Is Eterneva Quite Popular?
Eterneva lets you keep your late loved ones close positively and beautifully. As Mark Cuban has said, Eterneva takes a very challenging and emotional time and makes it worthwhile. It helps people walk through their journey safely and in a trusted manner, which most people do not get the opportunity to do.
Moreover, diamonds have many benefits on their own. Beginning with being imperishable, they bring positive energy onto the customer and can be worn forever, keeping your loved ones always close by.
Shark Tank Appearance
Garrett and Adelle went into the Tank seeking an investment of $600,000 in exchange for 5% equity in the business. In the first year of actively selling, the business generated $913,000 in sales and $2 million was acquired from other investors.
The sharks appeared doubtful about that information. But, they decided to float some offers. Seeing the bigger picture and sentiment that powers this business, Mark Cuban made a deal with the Eterneva founders for $600,000 for 9% equity.
Cuban said:
“It is a unique and socially responsible way to stay connected to the loved ones”.
Where Is The Company Today?
After Eterneva appeared on Shark Tank, the company has managed to generate more than $10 million in venture capital. The business now plans to use the money generated to scale up its operations by opening a diamond lab in Austin so that it can keep up with the growing demand in the United States.
That will also help in scaling their funeral home program, Archer mentions that clients do not want traditional funerals anymore, they want some meaning and personalization.
Adelle Archer is now a part of the minority when it comes to female CEOs raising a bigger venture round. Eterneva is also the second end-of-life firm that raised a $20 million round. It is, therefore, safe to say that Eterneva is doing some amazing things in the end-of-life space, and is currently starting from there.