Home » Mark Cuban-backed Eterneva raises $10M to change your beloved one’s ashes into diamonds – TechCrunch

Mark Cuban-backed Eterneva raises $10M to change your beloved one’s ashes into diamonds – TechCrunch

Mark Cuban-backed Eterneva raises $10M to turn your loved one’s ashes into diamonds – TechCrunch

The reduction of a liked one particular is possibly just one of the most traumatic points a human being can practical experience.

When it comes to memorializing an individual just after their death, most people think of planning funerals and/or selecting out caskets or tombstones. And those people issues are ordinarily performed with the assistance of a funeral property.

Enter Austin-based mostly Eterneva, which is creating a rare immediate to shopper brand in the conclude-of everyday living-room. The 4-year-aged startup produces diamonds from the cremated ashes or hair of individuals and animals. It’s a hugely strange organization but one particular that seems to be resonating with folks in search of a way to keep a piece of their loved types shut to them following their loss of life.

Considering that its inception, Eterneva has witnessed triple-digit development in revenue — such as in 2020, when it additional than doubled its revenue, according to CEO and co-founder Adelle Archer. And currently, the firm is saying an “oversubscribed” $10M Series A led funding spherical led by Tiger Administration with participation from Goodwater Money, Capstar Ventures, NextCoast Ventures and Dallas billionaire Mark Cuban. (For the unacquainted, Tiger Management is the hedge fund and household place of work of Julian Robertson from which Tiger Worldwide Administration descended.)

“It was an really aggressive round,” Archer instructed TechCrunch. “We obtained 3 phrase sheets and have been able to set alongside one another an all-star expenditure group.” That investment decision team included Capstar Controlling DIrector Kathryn Cavanaugh, who also joined Eterneva’s board Lydia Jett – a single of the prime female companions at Softbank overseeing their $100B Vision Fund and Kara Nortman, handling lover at Upfront Funds, a person of the to start with women of all ages to make taking care of spouse at a VC fund and co-founder of Angel Town with actress Natalie Portman.

Archer and co-founder Garrett Ozar released Eterneva in the very first quarter of 2017 right after doing the job with each other at BigCommerce. The company’s origin story is a incredibly own one particular for Archer. Her close buddy and company mentor, Tracey Kaufman, was diagnosed with pancreatic most cancers and finished up passing absent at the age of 47. With no up coming of kin, Kaufman remaining her cremated ashes to her aunt, ideal mate and Archer.

“We begun wanting into different solutions but all the web sites we landed on were being so lackluster, somber and too much to handle,” Archer remembers. “Tracey was the most wonderful man or woman, and I felt like when you shed remarkable people today, you essential improved possibilities to honor and memorialize them.”

At the time, Archer was performing on a lab-developed diamond startup. More than evening meal with a diamond scientist all through which she was discussing her mentor’s dying, the scientist reported, “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 assumed blew Archer’s thoughts.

“I realized that I had to do that, 100%. Tracy was such a vivid individual, it suited her so flawlessly,” she reported. “And I’d have a portion of her with me all the time.”

Picture Credits: Eterneva Co-founders Garrett Ozar and Adelle Archer

It was the very first diamond ever produced by Eterneva, and it gave Archer a likelihood to be a shopper of her personal solution, which she believes has helped in developing an encounter for her other consumers. Before long, she grew to become “fully focused” on the notion, which she considered as a way to give grieving individuals “brightness and therapeutic and a lovely way to honor their cherished ones.”

Considering that inception, Eterneva has made just about 1,500 diamonds for over 1,000 clients. It can do colorless or practically any shade like black, yellow, blue, orange and green. The entry value for an Eterneva diamond is $2,999 and that goes up centered on the measurement and color. Pets make up about 40% of Eterneva’s company.

“We look at ourselves as the full opposite tone of everything else in this space,” Archer stated. “A great deal of individuals are striving to address preparing and logistics all around the close of lifestyle. We’re about assisting people transfer ahead, and building a system for the celebration of daily life.”

The approach to generate the diamond is intricate, according to Archer, using 7 to 9 months. The intent is to provide the shopper along the journey by sharing the process with them at each individual phase by films and pics.

“We do it in parallel with their processing grief, which is super isolating,” Archer claimed. “They are ordinarily in a various location with their grief than when they initially begun.”

A person of the programs with the new money is to permit additional people to participate in human being with the system these types of as, commencing the machine operate, or telling the jeweler stories about their loved one and coming up with a custom made style that could have minor specifics that stand for areas of their loved one’s daily life.

The corporation also programs to use the income to scale their funeral home channel method nationwide by using Business partnerships and scaling its functions and capacity in Austin so it can hold up with demand from customers.

Eterneva is banking on the truth that a lot more and extra “people do not want regular funerals any longer.”

“They want personalization and indicating,” said Archer. “We system to evolve the platform with various products and solutions and expert services down the highway.”

The startup also desires to carry on to create awareness all around its manufacturer. A short while ago, it’s noticed much more than a dozen films on TikTok about its diamonds go viral, according to Archer.

Prior to the Sequence A, Eterneva has elevated a total of $6.7 million from angels and institutions. Its seed spherical was a $3 million funding led by Austin-based Springdale Ventures in 2020. Mark Cuban initial grew to become an trader in the enterprise when Archer and Ozar appeared on Shark Tank. Cuban took a 9% stake in the enterprise in trade for a $600,000 expenditure. Even with statements that the firm was a fraud, Cuban has stood by the science driving it and put money in the most up-to-date spherical as well.

Through e mail, he instructed TechCrunch he views an Eterneva diamond as “a exclusive, socially liable way to remain connected to loved ones.”

 “There is nevertheless so a great deal upside and development in their foreseeable future,” Cuban wrote. “So I doubled down.”  

He went on to describe the generation of diamond from the hair or ashes of a beloved just one as “such an powerful personal dedication.”

“Eternava usually takes a quite psychological and challenging and will help people today walk by way of their journey in a trustworthy way that I really do not think anyone else can occur shut to,” Cuban included.