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Torque Safe Net Worth 2024 Shark Tank Update

As of 2024, Torque Safe’s net worth is $ 5 million, higher than its 2022 net worth. On July 08, 2016, Torque Safe appeared on Shark Tank Season 02, episode 13 of Shark Tank Australia, and made a deal with Steve Baxter, Andrew Banks, and Glen Richards for $500,000 for 50% equity. So, Sharks had made over $ 2.5 million through Torque Safe. Also, the company will still be in business in January 2024. It then sells online through its official site. Let’s find out how it has reached this success over the years.

Torque Safe Net Worth 2024

Net worth$1 million (When appeared on Shark Tank Show)
Annual Sales RevenueBelow $5 million
Profits
Lifetime sales
InvestorsSteve Baxter, Andrew Banks and Glen Richards
FounderLuke & Vanessa Gosden
Employees1-25 employees

Torquesafe was worth $1 million when it appeared on the show. Also, it received $500,000 from sharks. Even though current data has not been disclosed, the company is still in business.

Also, its net worth is estimated to be $5 million in 2024.

Torque Safe Sales And Revenue

Torque Safe Sales And Revenue
Torque Safe Sales And Revenue

The Torque safe was valued at $2 million before appearing on the show, and it was $1 million after the show. The company expected a $300,000 investment in exchange for 15% equity but received a $500,000 investment for 50%.

The company was valued at $ 5 million in 2022 but didn’t disclose any information about its net worth or revenue after that.

However, its net worth is assumed to be less than $5 million in 2024.

Net Worth Timeline

Net Worth 2024Not Disclosed
Net Worth 2023Not Disclosed
Net Worth 2022$5 million
Net Worth 2021$4.5 million
Net worth valuation in 2016 after appearing on Shark Tank  $1 million
Net worth valuation 2016 before appearing on Shark Tank  $2 million

How Much Did Steve Baxter, Andrew Banks and Glen Richards Make From Torque Safe?

Sharks invested $500,000 for 50% of the equity of the Torque Safe. Following that, the company will still be in business in 2024. But there isn’t much data available about the company revenue. The sharks’ earnings can calculated according to the estimated revenue and the investment as over $2.5 million.

Competitors Of The Torque Safe

There aren’t any products that emerge with features similar to Torque Safe. However, general safety tools in the industry can be taken as its primary competitors.

Don’t miss these products from Season 2

Torque Safe Shark Tank Update

Company nameTorque Safe
ProductThis business makes and sells safety switches for tools that use hydraulic torque, keeping them safer.
EpisodeSeason 02 Episode 13
FounderLuke & Vanessa Gosden
Asked For$300,000 for 15% Stake
Final Deal$500,000 for 50% equity
SharkSteve Baxter, Andrew Banks and Glen Richards
LocationGambier WestSouth Australia

With Shark’s half a million dollars investment, Torque Safe started to thrive in business. They have now expanded from Australia to North America as well.

However, the company haven’t disclosed any details about its net worth or revenue after 2022 and its still in business in 2024

What is Torque Safe?

How does Torque Safe work?

Most hydraulic power tools need two people to operate them. This increases the risk of getting into accidents. One person controls the hydraulic power while the operator operates the tool. Luke finds out that miscommunication between the two people is one of the main reasons that calls for accidents. Luke’s invention gives the ideal solution for this problem by providing complete ultimate control of the device to the person who handles the tool.

According to Torque Safe’s official website, Their product gives the

ultimate control of tool actuation is in the hands of the person handling the tool.”

Founders of Torque Safe

Torque Safe is a product created by an entrepreneurial husband & wife combo. Luke and Vanessa Gosden are the duo behind the successful safety device Torque Safe.

Luke claims to have experience in mining for over ten years. During his mining days, He had to use many hydraulic-powered tools. During this time in the mines, Luke has many accidents due to hydraulic power tools. Sadly, he witnesses his mate crushing his hand with a hydraulic crusher. Luke immediately thinks of a better way to make hydraulic power tools safer for people to use. This is where he comes up with the idea for Torque-Safe.

FAQ

Is Torque Safe Still In Business in 2024?

Yes, Torque Safe is still in business in 2024.

Who Invested In Torque Safe?

Steve Baxter, Andrew Banks and Glen Richards

What is Torque’s safe net worth in 2024?

Even though the company didn’t disclose any information about its net worth, it’s estimated to be below $5 million in 2024.

How Much Money Did Sharks Earn From Torque Safe?

As the company hasn’t disclosed any financial data, it’s estimated to have over $2.5 million in earnings according to its share rate.

How Much Did Sharks Invested In Torque Safe?

Sharks Invested 500,000 for 50% of the equity of the company.

Also Read: Academic Transcription -What happened to the deal that made the owner cry at the Shark Tank?

What do you think?

Written by Kesara Bandaragoda

GAG Staff

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