Adelle Archer and Garrett Ozar wanted to bring some compassion to the memorial diamond market. After an original pitch of $600,000 for 5% of their company on
Shark Tank Eterneva Update
- Entrepreneur: 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
Eterneva Diamonds co-founders Adelle Archer and Garrett Ozar started Eterneva as a lab-grown diamond company. 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.
Design a diamond that uniquely tells your loved one’s story. Choose a color that reminds you of their eyes or that represents their one-in-a-million personality. As the final touch, we’ll engrave their name on the diamond’s edge.
So, they decided to open a business of their own. As a result of her previous experience, Eterneva features understanding and a delicate approach to grief. They came to the sharks asking $600,000 for 5% equity in the company.
Most of the sharks loved this idea. That changed when Adelle and Garrett explained about their other investors. Unfortunately, it turned out that Eterneva Diamonds was already a very successful business. Because of this, they had other investors.
Firstly, Kevin O’Leary was concerned about the tech. Anyone could buy a machine to start this process. For this reason, he went out. At the same time, Daymond John had a problem with the company’s investor base. He stated that they were “taking a chance away from someone who needed help.” Since they were already so successful, Daymond was out.
This left Mark Cuban and Robert Herjavec. When Mark offered $600,000 for 9% equity, Adelle and Garrett tried to counter, Mark refused. Fortunately, they were more than happy to take this deal. Was this a good investment for Mark? We’ll find out in our Eterneva update.
The company is still going strong. In our Eterneva update, we found that the Austin-based business is thriving. According to a Forbes article featuring the company, they now have facilities in Switzerland and Germany, too.
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.