Eterneva is a personalized jewelry business that transforms the ashes and hair of beloved humans or pets into diamonds, offering a unique way to memorialize a remarkable life.
The company provides a starter kit, allowing users to send in their loved ones’ ashes and hair via courier. To create a memorial diamond, approximately half a cup of ashes and hair is required, with a starting price of $2,999. The process of converting these materials into a diamond takes about eight months, during which the ashes and hair are compressed and transformed into diamond.
Eterneva offers diamonds in various colors, accommodating requests for diamonds of up to 3 carats. The cost for a 3-carat diamond is $50,000.
| Company Name | Eterneva |
| Founder | Adelle Archer and Garrett Ozar |
| Founded | 2016 |
| Product | making diamonds from ashes |
| Asked For | $600K for 5% equity |
| Final Deal | $600K for 9% equity |
| Shark | Mark Cuban |
| Episode (Shark Tank USA) | S11 E3 |
| Air Date | Oct 13, 2019 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Austin, Texas, United States |
| Lifetime Worth (Sales) | $19 Million+ |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Eterneva?
The co-founders of Eterneva, a jewelry company, are Adelle Archer and Garrett Ozar, both residents of Austin, Texas. According to their LinkedIn profiles, they started the company in 2016.
Garrett Ozar
Garrett serves as the co-founder and chief strategy officer of Eterneva. He has held sales management positions at several major U.S. companies, including American Golf Corporation, Golfnow, RockSolid, and BigCommerce. Additionally, he is a board member of the Foreverly Foundation.
Adelle Archer
Adelle is the co-founder and CEO of Eterneva. After earning her MBA from the Acton School of Business, she worked in marketing at BigCommerce. She also served as the head of product marketing at TrendKite for a few years.
How Was The Shark Tank Pitch Of Eterneva?
Adelle Archer and Garrett Ozar entered Shark Tank seeking $600,000 for 5% equity in their business, Eterneva. The sharks were surprised by the business model and the funding request.
Eterneva’s average order value is $8,000, with diamonds priced between $3,000 and $50,000. The production cost for these diamonds ranges from $3,000 to $5,000, and the process of creating a diamond from ashes takes approximately 10 months.
In their first year, Eterneva generated $913,000 in sales and projected $2.7 million in sales for 2019. They have raised $1.2 million at a $10 million valuation.
Mark Cuban expressed his interest in the idea and offered $600,000 for 15% equity. The co-founders countered with a request for $600,000 for 6% equity, maintaining the $10 million valuation. Robert Herjavec then offered $600,000 for 10% equity, while Kevin O’Leary proposed $600,000 for 12% equity.
The co-founders suggested that Mark and Robert team up and countered with $1 million for 10% equity. Both Mark and Robert declined the offer. The co-founders then adjusted their counter to $1 million for 10% equity plus 2% in advisory shares.
Robert Herjavec stated that it wasn’t a fit for him and exited the deal, followed by Kevin O’Leary. The co-founders countered again, proposing $600,000 for 7.5% equity at an $8 million valuation. Mark Cuban then adjusted his offer to $600,000 for 9% equity, to which the co-founders agreed.
Finalize: Mark Cuban invests $600k for 9% equity in Eterneva.
What Happened To Eterneva After Shark Tank?
Eterneva secured a successful deal on Shark Tank with Mark Cuban. Following the episode’s airing, awareness of the company surged, resulting in an influx of orders.
Emotional videos featuring families receiving personalized memorial diamonds have been shared on the brand’s Instagram account, showcasing the impact of their products.
The company introduced the TDI-Brooks/B&B Laboratories sample, which outlines the diamond-making process. In 2020, Eterneva raised $3 million in funding for expansion and opened a 4,000-square-foot office in South Austin.
In July 2021, the company raised $10 million in a Series A funding round led by Tiger Management. To date, Eterneva has created 1,500 diamonds for 1,000 customers. As of December 2022, the company’s annual revenue was estimated at $7 million.
Eterneva’s growth accelerated significantly after securing funding on Shark Tank. Initially focused on producing only 0.5-carat diamonds, the company has expanded its offerings to include diamonds up to 3 carats.
We will continue to follow Adelle Archer and Garrett Ozar for further updates on their journey.
What Is The Net Worth of Eterneva?
The company was valued at $12 million during its appearance on Shark Tank, but the final deal was completed at a $6.6 million valuation. By July 2021, Eterneva had raised $10 million in funding.
As of February 2023, the total funding raised amounts to $14.2 million. Current estimates place Eterneva’s worth between $20 million and $40 million.
Yes, Eterneva is still in business as of February 2023.
