Eterneva update

Eterneva Diamonds Update | Shark Tank Season 11

Adelle Archer and Garrett Ozar have come up with a way to bring some compassion to the memorial diamond market. They actually grow diamonds from the carbon in ashes or a loved one’s hair. Will they shine bright with a deal on Shark Tank Season 11? Find out in our Eterneva update!

If you’re short on time, here’s a quick overview of what happened to Eterneva after Shark Tank!

Eterneva appeared on Shark Tank Season 11 and left with a deal from Mark Cuban for $600,000 for 9% equity. In terms of an Eterneva update, the company is still in business and has an annual revenue of $6.5 million. Further, in 2021 the company raised $10 million in a Series A round of funding.

Shark:  Result:
Mark Cuban Accepted deal of $600,000 for 9% equity
Robert Herjavec $600,000 for 10% equity
Kevin O’Leary $600,000 for 12% equity
Daymond John No Offer
Lori Greiner No Offer

Shark Tank Eterneva Update

Eterneva Update

  • Entrepreneurs: Adelle Archer and Garrett Ozar
  • Business: Memorial diamonds from cremation ashes
  • Ask: $600,000 for 5% equity
  • Result: $600,000 for 9% equity
  • Shark: Mark Cuban

Adelle and Garret brought their lab-grown diamond company, Eterneva, to Shark Tank Season 11 Episode 3. Because of Adelle’s experience trying to have a memorial diamond made, she found that other companies had poor customer service.

In conclusion, the service staff was cold and the process lacked empathy. So, she and Garret decided to open a business of their own.

As a result of her previous experience, Eterneva focuses on understanding its customer’s needs and has a delicate approach to grief. Basically, customers will be shipped a box, which includes a container for the hair or ashes to be sent back in.

From there the customer picks the type of diamond they would like. Retail prices range from $3,000 to $20,000, and it costs the company $3,000 to $5,000 to produce the diamond. The process takes around 10 months from start to finish.

In their first year, they did $913,000 in sales, and they are projecting to do $2.7 million in the year of filming.

Most of the sharks love this idea. However, this begins to change as Adelle and Garret explain about their other investors and that they’ve raised over $1 million.

Daymond John feels like investing would take a chance away from someone who needs the help more. So, he is also out.

Lori Greiner says that the concept of the business doesn’t feel right to her, so she is the next shark out.

Mark Cuban on the other hand, loves the concept. He offers Eterneva $600,000 for 15% equity in the company.

Adelle and Garrett counter Mark, with $600,000 for 6% equity. Before he can answer, Robert Herjavec swoops in with an offer of $600,000 for 10% equity.

Kevin O’Leary has an offer of his own. He offers $600,000 for 12% equity.

Just then, Garrett asks if Mark and Robert would go in together, at $500,000, for 5% equity each. When neither of the sharks is interested, Garrett throws in 1% advisory shares for each of them.

At this point, Robert is turned off, and drops out, leaving Mark and Kevin in. However, Kevin drops out when Garrett and Adelle continue to negotiate with Mark.

After some back and forth about the numbers, Mark offers $600,000 for 9% equity. Adelle and Garrett finally accept the deal.

Was this a good investment for Mark? We’ll find out in our Eterneva update.

We have good news to share in our Eterneva update. In 2021 the company raised $10 million to expand operations and help accelerate growth and reach. Further, in 2023 Eterneva has grown to an annual revenue of around $6.5 million per year.

We decided to catch up with Adelle and Garrett after airing on Shark Tank, to get an official Eterneva update.

Adelle told Shark Tank Recap, “Shark Tank has been a tremendous source of people first hearing about Eterneva, In fact, 14% of our customers report they originally heard about us on Shark Tank. I believe we’ve only begun to see the impact from the show”.

She also shared that the deal with Mark did go through and gave a little insight into what it’s been like working with him. “Mark is a great guy. Since partnering, he’s been very supportive and involved.”

Additionally, our research revealed that they now have facilities in Switzerland and Germany. They went on to team up with  Baylor University for grief research, to help their company provide the most caring experience possible for their customers.

If you’d like to consider their services in honor of a loved one, check out the Eterneva website.

Before you go, check out our other company updates from Season 11 Episode 3:

Don’t forget to check our Season 11 products page for more Season 11 company updates.

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Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!