Eterneva is a unique luxury goods and jewelry business that transforms Cremation Ashes or Hair into Diamonds. Diamonds can be made from the ashes of any human or pets as a memorable memory. Any memorable person or pet feels like being nearby through this diamond.
This jewelry business was found in 2016 by Adelle Archer and Garrett Ozar. After losing her friend and mentor, Archer was looking for a way to memorialize him. She was specifically looking for a way in which the ashes could be made into memorial options.
Although Archer did not get such an option, to solve it, she decided to work on this concept together with Garrett Ozar. Because of this, Eterneva was born in 2016.
Within a few months after the business was launched, both the co-founders quit their jobs to work full-time on Eterneva. In 2017, the company did annual sales of $280k. In 2018 the company was projecting on $2 million in sales.
From 2018, the company started growing and by 2018, this company had sold 200 diamonds. In June 2019, the company raised $1.2 million in seed round funding from multiple investors.
Finding further funding and growth for the company, Adelle Archer and Garrett Ozar decided to appear on Shark Tank. These two co-funders appeared on Season 11 Episode 3 and asked the sharks for $600,000 for 5% equity at $12 Million Valuation.
What Is Eterneva?
Eterneva is a personalized jewelry business that primarily converts the ashes and hair of beloved humans or pets into diamonds. It’s a New Way to Memorialize a Remarkable Life.
This company sends a starter kit to the user, in which ashes and hair are sent through courier to the company where the diamond will be made.
To memorialize a dead loved one, this company has to give 1/2 cup of that person’s ashes and hair and its starting price is $2999. The process of making ashes and hair into diamond takes 8 months because in this the ashes and hair are compressed and put into diamond.
They have diamonds of different colors and can provide demand up to 3 carats. The cost of a 3 carat diamond is $50,000.
|Founder||Adelle Archer and Garrett Ozar|
|Product||making diamonds from ashes|
|Asked For||$600K for 5% equity|
|Final Deal||$600K for 9% equity|
|Episode (Shark Tank USA)||S11 E3|
|Air Date||Oct 13, 2019|
|Business Status||In Business|
|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 jewelry company Eterneva are Austin, Texas residents Adelle Archer and Garrett Ozar. According to the LinkedIn profile, both of them started this company in 2016.
Garrett is the co-founder and chief strategy officer of the company. Has worked as a sales manager for multiple major US companies, including American Golf Corporation, Golfnow, RockSolid, Bigcommerce and more. He is a board member of Foreverly Foundation.
Archer is the co-founder and CEO of this company. After completing her MBA from Acton School of Business, she worked in marketing at Bigcommerce.
She worked as Head of Product Marketing at TrendKite for a few years.
How Was The Shark Tank Pitch Of Eterneva?
Adelle Archer and Garrett Ozar both entered Shark Tank and asked the sharks for $600k for 5% equity. After knowing about the business and funding, the sharks were surprised.
Their average order value is $8,000 and diamonds cost from $3,000 to $50,000. The making cost of these ranges from $3,000 to $5,000. The process of making a diamond from ashes takes about 10 months.
They did $913,000 in sales the first year and are projecting $2.7 million in sales this year (2019). So far they have raised $1.2 million at a $10 million valuation.
Mark Cuban said he liked the idea, so he offered $600k for 15% equity. The Co-founder countered Mark with $600k for 6% equity at a $10 million valuation. Robert Herjavec made an offer of $600k for 10% equity.
Kevin O’Leary also made an offer of $600k for 12% equity. The Co-founder asked Mark and Robert to team up and countered $1 million for 10% equity. Mark and Robber refused this. The co-founder countered another $1 million for 10% equity + 2% in advisory shares.
Robert Herjavec said it’s not a fit for him so he’s out. Kevin O’Leary said that I am out. The co-founder countered another by giving Mark Cuban $600k for a 7.5% equity and $8 million valuation. Mark countered $600k for 9% equity. The Co-founder agreed to it.
Finalize: Mark Cuban invests $600k for 9% equity in Eterneva.
What Happened To Eterneva After Shark Tank?
Eterneva gets successful deal on Shark Tank with Mark Cuban. After this episode aired, many people started knowing about this company and many people must have booked orders as well.
Emotional videos of some of the families that this brand has provided personalized memorable diamonds have been uploaded on the brand’s Instagram account.
The company released the TDI-Brooks / B&B Laboratories sample, which describes the process of making diamonds. The company raised $3 million in funding in 2020 for expansion and opened a 4,000-square-foot office in South Austin.
On July 2021, the company raised $10 million in Series A round led by Tiger Management. So far this company has made 1,500 diamonds for 1,000 customers. In December 2022, the annual revenue of this company was estimated at $7 million.
Eterneva Shark Tank Update
The growth of the company increased after Eterneva got funding in Shark Tank. In the beginning, this diamond company used to make only 0.5 carat diamond, but now it is also making 3 carat demand.
We’re following Adelle Archer and Garrett Ozar along with their company for further updates.
What Is The Net Worth of Eterneva?
The company was valued at $12 million in Shark Tank, although the final deal was done at a $6.6 million valuation. Till July 2021, the company has raised $10 million in funding. According to current data, the company has raised a total of $14.2 million in funding till February 2023. The current worth of Eterneva can be estimated at $20 million to $40 million.
Is Eterneva Still In Business?
The Eterneva company has been growing since 2016 and it has not had much difficulty in getting funding. The company is currently raising funding to expand its business across the United States.
The brand has been featured in numerous media publications including Techcrunch, Forbes, Austin Business Journal and Many More.
The headquarter of this company is in Austin, Texas, United States and total 10-20 people are working in it.
Yes, Eterneva is still in business as of February 2023.
frequently asked questions
Who is the founder of Eterneva?
Eterneva was founded in 2016 by Adelle Archer and Garrett Ozar.
How much is Eterneva worth?
The current worth of Eterneva can be estimated at $20 million to $40 million.