Mark Cuban backed, US-based startup Eterneva that turns people’s or pets’ ashes into diamonds has raised $10 million in Series A funding round led by Tiger Management. Read to know all more about it.
What is Eterneva?
Eterneva, an Austin-based company is coming up as a rare direct-to-consumer firm in the end of life category, The startup makes diamonds from hair or cremated ashes of pets and people. Moreover, the four-year-old business is resonating with people as it creates a new way to keep their loved ones close to them, even after their demise.
The origin of Eterneva is very close to Adelle Archer. Her friend and business mentor, Tracey Kaufman died at the age of 47 due to pancreatic cancer. Since Kaufman did not have any kin, her cremated ashes were left for her best friend, aunt, and Archer. “We started looking into different options but all the websites we landed on were so lackluster, somber, and overwhelming.
From ashes to diamonds
Archer was then working in a lab-grown diamond startup firm. “Well, you know Adele, there is carbon in ashes, so we could get the carbon out of Tracey’s ashes and make a diamond.” told a diamond scientist too Archer during their conversation. This information was fascinating for Archer. “I knew that I had to do that, 100%. Tracy was such a vibrant person, it suited her so perfectly. And I’d have a part of her with me all the time,” she said.
Eterneva creates both colored and colorless diamonds The colors range from black, blue, yellow, orange, and green. The price for diamonds starts at $2,999. However, the price varies depending on the color and size of th diamonds.
Growth and future
In the last year, the company has tripled its growth in sales. Moreover, its revenue doubled in 2020. The firm announced an ‘oversubscribed’ $10 million series A funding. It was led by Tiger Management and included participation from Capstar Ventures, Goodwater Capital, and nextCoast Ventures. This unique business is also backed by Mark Cuban, the Dallas billionaire ‘Shark’ himself.
“It was an extremely competitive round. We received three term sheets and were able to put together an all-star investment group,” said Adelle Archer. Since its inception, the firm has created almost 1,500 diamonds for more than 1,000 customers. Moreover, pets make up over 40 percent of Eterneva’s diamonds.
