A unique business idea developed by an Austin-based firm, Eterneva will help you keep your loved ones' memories alive after they've passed away. The company will create diamonds from cremated ashes or hair of a deceased human or pet. While the concept may seem unique, the firm has been growing at a rapid pace. According to TechCrunch, Eterneva revenues are in triple digits since its 2017 debut.
Now, the company has secured a new round of funding from its investor, a whopping amount of $10 million. Capstar Ventures, Goodwater Capital, NextCoast Ventures, and billionaire Mark Cuban all participated in the fundraising round coordinated by Tiger Management. Eterneva was co-founded by its current CEO Adella Archer and Garret Oza adventure in 2017. The inspiration for this company came from Archer's personal experience when her close friend and business mentor, Tracey Kaufman, died of pancreatic cancer at the young age of 47. Kaufman's cremated remains were left with her aunt, best friend, and Archer because she had no relatives.
Archer wanted to keep Kaufman's memories alive and was looking for ways to do so. At the time, Archer was also working on a lab-grown diamond startup. Over dinner, she brought up the death of her mentor to a diamond expert. Archer was immediately intrigued by the scientist's suggestion that the carbon in the ashes could be used to form a diamond. She began work on the diamond created from Kaufman's ashes, with this Archer become the company's first customer.
Eterneva has generated 1,500 diamonds for over 1000 consumers since its inception four years ago. The Eterneva diamond starts at $2,999 and goes up in price depending on the size of the diamond. What's remarkable is that diamonds created from pets' cremated ashes or hair account for approximately 40% of the company's revenue.