The loss of a loved one is perhaps one of the most traumatic things a person can experience.
When it comes to memorializing someone after their death, most people think of planning funerals and/or picking out caskets or tombstones. And those things are typically done with the help of a funeral home.
Enter Austin-based Eterneva, which is building a rare direct to consumer brand in the end-of life-space. The four-year-old startup creates diamonds from the cremated ashes or hair of people and pets. It’s a highly unusual business but one that seems to be resonating with people seeking a way to keep a piece of their loved ones close to them after their death.
Since its inception, Eterneva has seen triple-digit growth in sales — including in 2020, when it more than doubled its revenue, according to CEO and co-founder Adelle Archer. And today, the company is announcing an “oversubscribed” $10M Series A led funding round led by Tiger Management with participation from Goodwater Capital, Capstar Ventures, NextCoast Ventures and Dallas billionaire Mark Cuban. (For the unacquainted, Tiger Management is the hedge fund and family office of Julian Robertson from which Tiger Global Management descended.)
“It was an extremely competitive round,” Archer told TechCrunch. “We received three term sheets and were able to put together an all-star investment group.” That investment group included Capstar Managing DIrector Kathryn Cavanaugh, who also joined Eterneva’s board; Lydia Jett – one of the top female partners at Softbank overseeing their (Read more...)