The Eterneva company memorializes dead loved ones with diamonds made from their cremated ashes. Diamonds can be personalized in many ways, from the cut to the shape, as a memorial to a loved one. Diamonds can be created for pets as well, so pets can be remembered.
|Founders||Garrett Ozar and Adelle Archer|
|Eterneva net worth||$12 Million (Last Updated 2022)|
Eterneva net worth
Garrett Ozar and Adelle Archer appeared on the Shark Tank show, seeking $600,000 for 5% ownership, which puts the company at a $12 million valuation.
Garrett Ozar and Adelle Archer founded Eterneva, who first met while working at BigCommerce, and subsequently started their own business to commemorate a recently departed colleague.
“We started looking into different options but all the websites we landed on were so lackluster, somber, and overwhelming”, recalled Archer, who at the time worked for a lab grown diamond company which led them to start their own company.
Eterneva Shark Tank appearance
If Shark Cuban hadn’t participated in the company’s Series A round, Eterneva never would have raised $10 million.
When the founders of Eterneva, Garrett Ozar and Adelle Archer, showed up on Shark Tank in October Of 2019, Cuban was initially skeptical. Shark Cuban was surprised to find out Eterneva had already secured funding.
In fact, the sharks thought that Ozar and Archer were only participating in the show for publicity reasons. “Are you happy with the commercial that we’re making for you right now?” Cuban asked them.
Both Ozar and Archer claimed that the company was worth $10 million, while Cuban argued that it was worth less. “Your valuation from your previous investors is driving your negotiation,” he said.
As negotiations proceeded, other sharks backed out, leaving Cuban as the only contender. After some tough negotiations, Cuban agreed to make an investment of $600,000 in exchange for a 9% stake in the company.
Eterneva: A Scam or Legit?
According to one gemologist, Eterneva is “nothing more than a scam.”
Grant Mobley told Page Six Style after the Shark Tank episode that Eterneva’s products aren’t legitimate.
“Companies like Eterneva that claim to make synthetic diamonds out of human ashes have been around for more than a decade,” he added. “But after further research into the process, it has become well known within the jewelry industry that these companies are nothing more than a scam, which is why investments have come from outside the jewelry industry.”
Archer explained to Page Six Style that “carbonates” still remain after cremation. Cuban said that the technology used by Eterneva is “backed by rock-solid science.”