Glove Wrap Net Worth Shark Tank Update

Baseball is one of the favorite sports these days. A bat and ball sport that uses gloves to catch the ball and to have a tight grip on the bat. However, it is very difficult to adjust a new pair of gloves to our hand size and players go through different ways to adjust them including flattened by a truck, using shaving foams, etc.

Jon, Gavin, and Morgan Batarse, the owners of Glove Wrap, have the perfect gloves for all baseball lovers. Gavin invented an elastic glove band with exact length, width, and thickness that helps to shape baseball gloves. It works by placing a ball inside the glove and then covering the glove with the wrap.

The owners came on Shark Tank to request $50K in exchange for 20% of their company. Gavin also practically demonstrated how the wrap works in front of the judges. Let’s explore their journey on the show. 

Glove Wrap Net Worth Shark Tank Update

Gavin and his team were looking for an investment of $50K in exchange for 20% equity in their company, Glove Wrap. At the time of the episode, they valued their company at $250K. Gavin successfully secured a deal with Mark Cuban and Michael Rubin for an investment of $50K for 22% equity in the company. The investment adjusted the company’s net worth to around $227K. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Glove Wrap in 2024 is around $1.5 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban + Michael Rubin	$50K for 20% equity	$50K for 22% equity	Yes
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A

The Owner’s Backstory

Gavin related that one day his father bought him baseball gloves and he sat to adjust it. He was out of rubber to fix the gloves and then he saw an elastic rubber that his father used when his leg was hurt. Then he used it as a glove cover and it led to the invention of Glove Wrap.

The product is an elastic band that helps to shape the rigid baseball gloves in no time.

Initial Pitch

The owners came on the show to seek $50K for a 20% equity stake. Their product is basically an elastic wrap that is used as a cover over a glove to adjust it according to the player. Instead of using old-school methods to shape rigid gloves, it is much easier to use Glove Wrap even for a kid.

Queries about the Product

Kevin, being Mr. Wonderful, asked the first question about their sales. Gavin replied that they have already sold 1000 Glove Wraps and their collective sales are $19K.

Rubin then asked about the cost of making the wrap and its selling rate. The little owner highlighted that it costs them $3 to make and it retails for $19.99. Its wholesale rate is $10.

Rubin also inquired about their medium of selling the product.  He replied that currently, they are selling on Amazon and their own website. Additionally, their product can also be found in six mom-and-pop shops. They have also presented the product to a major retailer and they have shown interest in putting their wrap next to their selling gloves.

Kevin was curious to know about the major retailer. Gavin pointed out that it is basically the Big 5.

The guest shark wanted to know what Morgan, Gavin’s sister, contributed to the business. She highlighted that she keeps track of everything that is going on in the company. Additionally, she also helps to pack, label, and ship the product every morning before going to school, which is pretty impressive.

Corcoran then asked about the differentiating factor of their product from any other elastic bands like the one used to stretch while working out. Jon pointed out that they have made the wrap by keeping in mind the exact length, width, and thickness of baseball gloves that can’t be provided by any other band in the market.

Shark’s Response and Final Decision

Kevin was the first shark to drop out of the deal. Maybe it is because of the lower scale of the business.

Lori also decided to drop out after Kevin because she felt she wasn’t the right fit for this type of business. She explained that there were already other sharks with more experience in sports-related products. So, she chose not to invest.

Barbara Corcoran explained that she didn’t think the Glove Wrap was unique and mentioned she could find a similar elastic band in her own closet. Because of this, she decided not to invest. She didn’t see enough difference to make it stand out from other products.

Rubin, the guest shark, pointed out that he could easily promote their product on his sports website and suggested teaming up with Mark Cuban for the deal. Cuban agreed to the partnership, and together they offered $50K in exchange for 22% of the company. Gavin and his team happily accepted their offer.

Product’s Availability

After securing a deal with two sharks on the show, Glove Wrap became even more successful. Gavin was featured in an article by the LA Times. He was also seen on social media where he was giving Glove Wraps to players on the Dodgers and Angels. Their product is still available on Amazon and on Glove Wrap website.

Conclusion

Glove Wrap’s journey on Shark Tank was a great success for Gavin and his family. Their unique product, designed to shape baseball gloves more easily, caught the attention of Cuban and Rubin, who invested $50K for 22% equity in the company. With the help of these two sharks, Glove Wrap gained more exposure and has since grown in popularity.

The product is now available on Amazon and their website, and Gavin’s dedication to the business has brought them more attention, even from professional baseball players.