If you're a fan of college games, you know the struggle of finding suitable accommodations for your entire group. Sometimes, options like hotels or Airbnb just don't cut it, especially in small college towns. That's where Drew Mitchell and Mike Doyle come in with their innovative solution - Rent Like A Champion. Let's dive into their journey on Shark Tank Season 7 and see how their idea impressed the investors.
Shark Tank Rent Like A Champion Update
Caption: Rent Like A Champion Update
- Entrepreneurs: Drew Mitchel and Mike Doyle
- Business: Vacation rentals for college football games
- Ask: $200,000 for 10% equity
- Result: $200,000 for 10% equity
- Sharks: Mark Cuban and Chris Sacca
Drew and Mike delivered a heartfelt pitch, emphasizing the disappointment of returning to a subpar hotel after an exhilarating college football game. They identified a gap in the market for vacation rentals specifically tailored to these events, especially in smaller college towns. Their personal approach to educating homeowners in these areas set them apart from popular home rental services like Airbnb.
While addressing concerns about potential damages caused by college football fans, Drew revealed that less than 2% of their rentals had ever resulted in damage claims. This demonstrated the trustworthiness and reliability of their service. Moreover, their impressive sales figures spoke for themselves - $1.4 million in sales in their first year and a staggering $6.4 million in total transactions through their app.
Kevin O'Leary was intrigued by the opportunity and made an offer of $200,000 for 10% equity. Chris Sacca quickly matched the offer and convinced Mark Cuban to join him. After careful consideration, Drew and Mike accepted the deal. The Rent Like A Champion journey was just beginning.
The Success Continues
Rent Like A Champion has continued to thrive even after their appearance on Shark Tank. In Season 8, the company expanded its services to include golf tournaments and NASCAR shows. With options to rent in 27 college towns, they have established themselves as the go-to source for game day accommodations.
While the pandemic had a minor impact on their profits, our research for this update revealed that Rent Like A Champion generated $12.6 million in annual revenue in 2022. Their dedication to providing unique rental experiences for fans has paid off, and the company shows no signs of slowing down.
To learn more about these exciting vacation rentals, whether you're interested in renting or renting out your own home, visit the Rent Like A Champion website. Make sure to also check out our other company updates from Shark Tank Season 7 Episode 6:
- HotShot Coffee Update
- Windcatcher Update
- Stem Center USA Update
For more information on products and companies featured in Season 7, please visit our Season 7 products page. Experience the game day accommodation revolution with Rent Like A Champion!
