- Rex is a Brisbane-based software provider to real estate agents
- Founded in 2010 by two brothers, Anton and Alex Babkov, who continue to lead the business as CEO and CTO
- 90 staff across Australia and UK operations
- Objective to continue to scale more established products (particularly in new geographic markets) while also building and launching new products
- Initial $3.5 million, 3-year facility, with further tranches available to provide greater flexibility for the business
- Interest-only period at the start of each tranche to minimise the initial burden on the business while scaling newer products, then fully amortising over the term
- The founders and other shareholders were seeking to minimise dilution whilst continuing to pursue ambitious growth plans, including launching and scaling new and existing products, expanding in newer geographic markets, and refinancing existing debt
- Due diligence and funding execution ran smoothly despite COVID-19 lockdown restrictions meaning the Leap team was not able to meet Anton and Alex in person
Providing Value Added Credit
"Guy and Leap were highly commercial and efficient throughout due diligence: they were quick to understand the dynamics of our business and our tech. We managed to close DD in a very reasonable timeframe - especially with the background of peak COVID-19 and never having met in person.
Working with Leap has added a tonne of value to our business. Regular conversations with Guy let us tap into his wealth of experience in tech, startups and media. He is supportive and provides pragmatic, expert advice without pressing for a particular direction.
As well as being a great sounding board, Guy is also extremely well connected in tech. He recently introduced me to someone in the media industry who started and exited a business in the same sector as ours - that person provided hugely valuable insight into our intended strategy. We speak monthly and I always look forward to bringing my thorniest problems for a solid discussion."
Anton Babkov, CEO Rexlabs