A unique business idea developed by an Austin-based startup can help you preserve the memories of your loved ones after they are gone. The company named Eternava works on creating diamonds from the cremated ashes or hair of the dead human or pet. While the idea may sound something unusual, the company has been witnessing a constant rise in its sales and has shown a triple-digit growth since its inception in 2017, reported TechCrunch. In fact, in 2020, the company more than doubled its revenue.
Now, Eterneva has received a fresh round of funding of $10 million from its investor. The funding round led by Tiger Management had participation from investors like Capstar Ventures, Goodwater Capital, NextCoast ventures, and billionaire Mark Cuban.
Eterneva’s journey in this unusual business segment started in 2017 when its now CEO Adella Archer founded this company with Garret Ozar. The idea behind this business came from a very personal story of Archer when her close friend and business mentor, Tracey Kaufman died of pancreatic cancer at the age of 47. With no next of Kin, Kaufman left her cremated ashes with her aunt, best friend, and Archer.
Archer wanted to preserve the memories of Kaufman and was looking for its options. During this time, Archer was also working on her lab-grown diamond startup and she happened to discuss her mentor’s death with one of the diamond scientists during the dinner.
The scientist suggested that the carbon in the ashes could be used to make a diamond and the idea immediately struck a chord with Archer. She started working on the diamond made from Kaufman’s ashes which gave her the chance of becoming the first customer of her own start-up.
Since its inception 4 years back, Eterneva has created 1,500 diamonds for over 1000 customers. The entry price of the Eterneva diamond is $2,999 which further goes up depending upon the size of the diamond. What’s interesting is the fact that nearly 40 per cent of the company’s business comes from diamonds made from pets’ cremated ashes or hair.
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