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Mark Cuban Buys Into Rent Like a Champion on 'Shark Tank'

By David Matthews | November 2, 2015 3:36pm
 Drew Mitchell, left, and Mike Doyle of River North startup Rent Like a Champion on ABC's
Drew Mitchell, left, and Mike Doyle of River North startup Rent Like a Champion on ABC's "Shark Tank."
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Shark Tank

RIVER NORTH — A River North startup scored investments from two "sharks," including Dallas Mavericks owner Mark Cuban, during an episode of ABC's "Shark Tank" on Friday. 

Rent Like a Champion, an Airbnb-style service that caters to college towns, received $200,000 from Cuban and another billionaire, Chris Sacca, the latter an early investor in companies including Uber and Instagram. Both "sharks" each acquired 5 percent stakes in the company, an online platform allowing homeowners in college towns to rent out their properties during events such as football games. 

"It feels like we hit the lottery," said Drew Mitchell, a co-founder of Rent Like a Champion. 

Mitchell said both Cuban and Sacca have been "super accessible" since their investment, which closed when the show taped this summer. Mitchell said Cuban has sent the company business ideas and offered technical assistance and other help from his other businesses. 

Rent Like a Champion got its start in 2006 when Mitchell and a partner bought and rented out cheap homes in South Bend, Ind., the home of the University of Notre Dame. The company has since expanded to 21 college towns, and Mitchell said they beefed up their website and plan to enter more towns with the "Shark Tank" money. 

One of Cuban's suggestions, Mitchell said, was signing an athlete to be a spokesperson. Rent Like a Champion, which doesn't have any presence west of Oklahoma, also wants to expand into the West Coast and other areas with colleges in the Pac-12 conference

Mitchell said the winning investors appreciated the company's ability to generate income now. 

"The fact we put some pretty big points on the board already, there’s evidence there’s a pretty big market here," Mitchell said. "While it’s a niche, it’s a pretty powerful niche." 

Watch the taping for yourself here

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