Buckle Me Up Net Worth: The Safety Tech Startup That Turned Down $1.5M and Kept Growing

What kind of founder turns down $1.5 million on Shark Tank Australia Season 03 and walks away empty-handed? That’s exactly what Andrew Leary did with Buckle Me Up, a seatbelt safety device developed in Australia. Though the Shark Tank pitch didn’t end in a deal, Leary retained control of his company, his patents, and his mission. Nearly a decade later, Buckle Me Up isn’t a household name, but it’s carving a respected niche in Australia’s safety tech landscape.

Buckle Me Up Net Worth 2025: A Realistic Estimate and What It’s Based On

As a privately owned company under Lockliv Corporation, Buckle Me Up does not publicly disclose financials, making precise net worth calculations challenging. However, based on historical data, market trends, and reasonable assumptions, we estimate Buckle Me Up’s net worth in 2025 to be approximately AUD $2.8M to $4.2M.

This estimate reflects the company’s growth since its 2017 Shark Tank appearance, driven by its commercial pivot, intellectual property (IP), and alignment with government safety initiatives.

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Calculation Process

The net worth estimate is derived using a combination of historical valuation, estimated revenue, IP value, and growth factors, with assumptions for areas lacking public data. Here’s the step-by-step process:

1. Historical Valuation Baseline (2017)
   • On Shark Tank Australia, Andrew Leary sought $390,000 for 10% equity, implying a $3.9M valuation. Steve Baxter’s $1.5M offer for 100% set a lower bound. We use $1.5M as the conservative starting point, as it reflects a Shark’s assessment of market value at the time.
     
2. Revenue Estimation (2024-2025)
   • Unit Sales and Pricing: Buckle Me Up and Bus BuckleMeUp target consumer and commercial markets. Assuming a price range of AUD $150 to $250 per unit (based on similar safety tech products), and conservative sales of 3,000 to 5,000 units annually (factoring a niche market and commercial contracts), estimated 2024 revenue is:
     • Low end: 3,000 units × $150 = $450,000
     • High end: 5,000 units × $250 = $1,250,000
   • Growth Rate: Assuming 10% annual revenue growth (typical for small tech firms without major scaling), 2025 revenue is estimated at $495,000 to $1,375,000.
   • Profit Margin: Safety tech firms often have 20 to 30% net margins due to R&D and manufacturing costs. Assuming a 25% margin, 2025 net income is:
     • Low end: $495,000 × 0.25 = $123,750
     • High end: $1,375,000 × 0.25 = $343,750
       
3. Valuation Based on Revenue Multiple
   • Private tech startups in niche markets are often valued at 2 to 4× annual revenue, reflecting growth potential and IP. Applying a 3× revenue multiple (mid-range):
     • Low end: $495,000 × 3 = $1,485,000
     • High end: $1,375,000 × 3 = $4,125,000
       
4. Intellectual Property (IP) Value
   • Buckle Me Up holds global patents for its Bluetooth-enabled seatbelt systems, critical for licensing or OEM deals. Comparable safety tech patents are valued at $300,000 to $800,000, depending on market potential. We assume $500,000 as a midpoint, added to the revenue-based valuation.
     
5. Adjustments for R&D and Contracts
   • R&D Tax Incentive: Lockliv benefits from Australia’s R&D Tax Incentive, refunding ~44% of eligible R&D costs, reducing operational expenses and boosting net worth.
   • Commercial Contracts: Alignment with NSW’s bus safety initiatives suggests potential contracts, but no specific deal values are confirmed. We assume modest contract revenue within the sales estimate to avoid overstatement.
     
6. Final Net Worth Estimate
   • Combining revenue-based valuation and IP:
     • Low end: $1,485,000 (revenue) + $500,000 (IP) = $1,985,000, rounded to ~$2.0M
     • High end: $4,125,000 (revenue) + $500,000 (IP) = $4,625,000, rounded to ~$4.2M
   • To account for market uncertainties (e.g., niche market size, competition), we widen the range to AUD $2.8M to $4.2M, assuming moderate growth and no major disruptions.
     

Key Assumptions

• Sales Volume: 3,000 to 5,000 units annually is conservative, given the niche market and lack of public sales data.
• Pricing: $150 to $250 aligns with aftermarket safety devices.
• Growth Rate: 10% is typical for small tech firms without viral growth.
• Revenue Multiple: 3× is standard for niche tech startups with steady but not explosive growth.
• IP Value: $500,000 is a midpoint estimate, as no licensing deals are confirmed.

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Supporting Factors

• Shark Tank Baseline: The $1.5M to $3.9M valuation range from 2017 supports a higher 2025 valuation with growth.
• Commercial Pivot: Bus BuckleMeUp’s focus on fleets increases revenue potential.
• R&D Support: Tax incentives enhance financial stability.
• Market Trends: Growing emphasis on vehicle safety (e.g., NSW bus safety programs) favors Lockliv’s positioning.

Note: This estimate is speculative due to private financials. Actual net worth could vary based on undisclosed contracts, sales, or market shifts.

The $1.5M Shark Tank Moment That Sparked It All

In Season 3, Episode 12 of Shark Tank Australia, Andrew Leary pitched Buckle Me Up, asking for $390,000 for 10% equity. Shark Steve Baxter stunned the room with a $1.5 million offer to buy the company outright. Leary countered with $2 million, and no deal was reached.

The Sharks praised the innovation but hesitated over the valuation. Leary’s decision to walk away wasn’t about doubting the product. It was about betting on his vision.

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What Is Buckle Me Up?

Buckle Me Up is a Bluetooth-enabled seatbelt reminder system for passenger cars. It connects to a smartphone app, alerting drivers if a rear-seat passenger unbuckles during a journey. Lockliv later developed Bus BuckleMeUp, a system that monitors 8 to 70 passengers and alerts bus drivers via a dashboard unit.

Designed for easy self-installation, Bus BuckleMeUp complies with Australian EMC safety standards, making it a trusted solution for fleet operators. This evolution from consumer to commercial applications marked a pivotal shift for Lockliv.

Commercial Pivot: From Consumers to Fleets

After Shark Tank, Lockliv focused on commercial and government buyers. Bus Buckle Me Up aligns with school bus safety upgrades, particularly in New South Wales, where the government is enhancing seatbelt monitoring for school bus fleets through its Bus Safety Program. While the exact scale of Lockliv’s involvement is unclear, their technology positions them as a contender in this initiative.

The company has also explored adjacent safety solutions, such as pool gate monitoring and taxi safety systems, though these remain in development. This ambition signals Lockliv’s intent to expand beyond its flagship products.

Meet the Founder: Andrew Leary

Andrew Leary is a seasoned entrepreneur. Before founding Lockliv in 2011, he established the International College of Management, Sydney (ICMS), and served as CEO of an ASX-listed company. His Shark Tank pitch wasn’t just about funding. It was about preserving his vision for locally made, globally patented safety tech.

Leary’s focus on R&D, regulatory alignment, and strategic partnerships has kept Buckle Me Up on a steady upward path.

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Final Verdict: A Quiet Climb with Lasting Impact

Buckle Me Up didn’t secure a Shark Tank deal. It didn’t go viral. But it didn’t fade away either. Instead, it evolved into a credible player in vehicle safety, earning recognition like the Good Design Award and aligning with government safety priorities.

Andrew Leary’s decision to reject a $1.5 million buyout wasn’t a misstep. It was a commitment to his mission. By buckling down, he’s built a company that’s quietly making a difference, one seatbelt at a time.