The loss of an enjoyed one is possibly among the most traumatic things an individual can experience.
When it concerns memorializing somebody after their death, most people think about planning funeral services and/or picking out tombstones or caskets. And those things are normally finished with the help of a funeral home.
Enter Austin-based Eterneva, which is developing an uncommon direct to consumer brand name in the end-of life-space. The four-year-old start-up develops diamonds from the cremated ashes or hair of individuals and animals. It’s a highly uncommon service however one that appears to be resonating with individuals seeking a way to keep a piece of their enjoyed ones near to them after their death.
Because its inception, Eterneva has seen triple-digit growth in sales — — including in 2020, when it more than doubled its profits, according to CEO and co-founder Adelle Archer. And today, the company is revealing an “oversubscribed” $10M Series A led funding round led by Tiger Management with involvement from Goodwater Capital, Capstar Ventures, NextCoast Ventures and Dallas billionaire Mark Cuban. (For the unacquainted, Tiger Management is the hedge fund and household workplace of Julian Robertson from which Tiger Global Management descended.)
“It was a very competitive round,” Archer told TechCrunch. “We got 3 term sheets and had the ability to create an all-star financial investment group.” That investment group consisted of Capstar Handling DIrector Kathryn Cavanaugh, who likewise signed up with Eterneva’s board; Lydia Jett– among the leading female partners at Softbank managing their $100B Vision Fund and Kara Nortman, managing partner at Upfront Capital, one of the very first females to make handling partner at a VC fund and co-founder of Angel City with actress Natalie Portman.
Archer and co-founder Garrett Ozar launched Eterneva in the very first quarter of 2017 after collaborating at BigCommerce. The business’s origin story is a really individual one for Archer. Her close friend and company mentor
, Tracey Kaufman, was diagnosed with pancreatic cancer and ended up passing away at the age of 47. Without any near relative, Kaufman left her cremated ashes to her auntie, best friend and Archer.”We started checking out various options however all the websites we arrived on were so lackluster, overwhelming and somber, “Archer remembers.”Tracey was the most remarkable person, and I seemed like when you lose impressive people, you required better options to honor and memorialize them.”
At the time, Archer was working on a lab-grown diamond start-up. Over dinner with a diamond researcher throughout which she was discussing her coach’s death, the researcher said, “Well, you know Adele, there is carbon in ashes, so we could get the carbon out of Tracey’s ashes and make a diamond.”
The idea blew Archer’s mind.
“I understood that I needed to do that, 100%. Tracy was such a dynamic person, it fit her so perfectly,” she said. “And I ‘d have a part of her with me all the time.”
Image Credits: Eterneva; Co-founders Garrett Ozar and Adelle Archer It was the very first diamond ever produced by Eterneva, and it provided Archer a chance to be a client of her own item, which she believes has assisted in developing an experience for her other customers. Quickly, she ended up being” fully focused “on the concept, which she viewed as a method to offer mourning people “brightness and recovery and a stunning way to honor their loved ones.”
Since inception, Eterneva has developed nearly 1,500 diamonds for over 1,000 clients. It can do colorless or nearly any color including black, yellow, blue, green and orange. The entry cost for an Eterneva diamond is $2,999 and that goes up based on the size and color. Animals comprise about 40% of Eterneva’s company.
“We view ourselves as the complete opposite tone of everything else in this space,” Archer said. “A lot of people are attempting to fix planning and logistics around completion of life. We’re about helping individuals progress, and constructing a platform for the event of life.”
The process to create the diamond is intricate, according to Archer, taking 7 to 9 months. The intent is to bring the client along the journey by sharing the process with them at each phase through videos and images.
“We do it in parallel with their processing sorrow, which is very isolating,” Archer said. “They are generally in a various location with their sorrow than when they initially started.”
Among the plans with the new capital is to make it possible for more individuals to take part in person with the procedure such as, beginning the maker work, or telling the jeweler stories about their loved one and coming up with a customized style that may have little details that represent aspects of their enjoyed one’s life.
The business likewise plans to utilize the money to scale their funeral house channel program nationwide via Enterprise partnerships and scaling its operations and capacity in Austin so it can keep up with demand.
Eterneva is banking on the truth that more and more “people do not want standard funerals anymore.”
“They desire customization and meaning,” stated Archer. “We plan to progress the platform with different products and services down the roadway.”
The start-up likewise wants to continue to build awareness around its brand. Recently, it’s seen more than a dozen videos on TikTok about its diamonds go viral, according to Archer.
Prior to the Series A, Eterneva has raised a total of $6.7 million from organizations and angels. Its seed round was a $3 million funding led by Austin-based Springdale Ventures in 2020. When Archer and Ozar appeared on Shark Tank, Mark Cuban initially ended up being an investor in the company. Cuban took a 9% stake in the company in exchange for a $600,000 financial investment. Despite claims that the business was a fraud, Cuban has waited the science behind it and put cash in the latest round also.
Via e-mail, he informed TechCrunch he sees an Eterneva diamond as “a special, socially accountable method to stay connected to enjoyed ones.”
“There is still so much advantage and growth in their future,” Cuban composed. “So I doubled down.”
He went on to describe the production of diamond from the hair or ashes of a liked one as “such an extreme individual dedication.”
“Eternava takes a extremely psychological and difficult and helps people walk through their journey in a trusted way that I don’t believe anybody else can come close to,” Cuban included.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.