Glove Wrap Update | Shark Tank Season 15
A young entrepreneur, Gavin Batarse, snapped a deal from Mark Cuban and Michael Rubin in the 3rd episode of Shark Tank 15. Gavin is an 8-year-old founder and CEO of Glove Wrap.
The Sharks liked his innovative ideas and innocent nature. Mark Cuban and guest Shark Michael Rubin invested $50,000 for a 22% stake in his company.
It has been a few months since the Glove Wrap appeared on Shark Tank, and we’ve got an update after the show!
| Company Name | Glove Wrap |
|---|---|
| Founder | Gavin Batarse |
| Founded | 2022 |
| Business | Baseball glove wraps |
| Ask | $50,000 for 20% equity |
| Deal | $50,000 for 22% equity |
| Sharks | Mark Cuban, Michael Rubin |
Glove Wrap Update
Glove Wrap secured a deal in Shark Tank 15 from Mark Cuban and guest Shark Michael Rubin. Gavin asked for a $50,000 investment for 20% equity, and Sharks offered $50,000 for 22% equity.
In terms of Glove Wrap updates, this company is still operational, and it saw a nice boost in sales after airing episodes on ABC.
Furthermore, Gavin was able to showcase his product to some MLB players on the Angels and Dodgers.
This grabbed the attention of some popular news portals, and Glove Wrap gained immense popularity. Recently, Gavin Batarse met with the legendary baseball player Nomar Garciaparra.
Gavin presented him with a Glove Wrap, which he graciously accepted and recommended people to “give it a try.”
As of March 2024, Glove Wrap is still in business and doing influencer marketing on social media platforms like Instagram, TikTok, and Facebook. Their video has collectively received over 30 million views.
Our team followed up with the entrepreneurs and businesses that appear in Shark Tank. We’ll let you know if we get more news on the Glove Wrap update.
In the meantime, check our other company updates that appeared in Shark Tank S15E03:
About Glove Wrap
Glove Wrap is an elastic band with the exact width, length, and thickness needed to break in and shape your baseball glove while forming a perfect pocket.
Usually, the new gloves are pretty stiff and rigid, requiring some effort to be loosened. This is when 8-year-old Gavin got an idea to fix this problem.
You must first place a ball in the pocket to use the Glove Wrap. Then, begin wrapping the entirety of the glove. When you reach the end, tuck it into itself, and it will stick together and be in place.
Glove Wrap Shark Tank Pitch Recap
The founders began the pitch with an ask of $50,000 for 20% equity. Lori jumped in and asked the 8-year-old founder how he got this idea.
Founder: So, when I bought a new glove, we would use the old-fashioned way to break it in with rubber bands, but we didn’t have enough. So, I found a piece of rubber, and we wrapped the entirety of the glove.
Lori: How do you feel you invented a product that works?
Founder: I feel great.
Kevin then directed the conversation towards the business side of things. He asked whether Glove Wrap is currently doing any sales.
Founder: We have sold over a thousand glove wraps till now, and our lifetime sales are over $19,000.
Michael: How much do these glove wraps sell for? And what do they cost you to make?
The founder revealed that it costs $3 for them to make it. They sell it for $19.99 retail and $10 wholesale.
Michael: Where do you sell these?
Founder: We sell it on Amazon, our website, and six Mom-and-Pop shops.
The founder then said that they had cracked a deal with a big retailer called BIG 5, which will place the glove wraps right after the gloves.
Michael: You know what, the first retailer that I ever sold to was also Big 5. That’s where it all started for me.
Mark: I was thinking that all the baseball teams in the country would want their own to give to their players and giveaway to their fans. So, you can sell them in bulk, and they will go for it.
Barbara then asked if the elastic band looked identical to her workout band. So, anyone can go and buy that band instead of Glove Wraps. What is the difference?
Founder: So, we have figured out the exact width, length, and thickness that can be used effectively with any glove.
Kevin then went out of this deal since the founder is still in school and won’t be able to be full-time at the business.
Lori: You guys are amazing. But I think there are some sporty sharks here who can help you more than I can. I will be rooting for you. But, on this, I am out.
Barbara: I think Mark is your partner for sure. I wouldn’t want to invest in this. So, I am out as well.
Michael: I own Fanatics, the world’s largest retailer of licensed sports merchandise. I love this business and would like to introduce you to some of the best baseball players in the world.
Michael then made an offer but with one condition. He wants Mark to be his partner in this. Mark agreed. Both sharks gave a combined offer of $50,000 for 22% equity.
The founders accepted the offer. Michael also assured that he would like to invest in anything that the 8-year-old founder starts in the future.
Final Words
Glove Wrap got a deal of $50,000 for a 22% stake, which is very close to their original ask of $50,000 for 20%. Now, they have two sharks who can help reach the right people and customers.
