Scholly was created in 2013 by the entrepreneur Christopher Gray. The app became popular after it was featured on Shark Tank, where Christopher secured a $ 40,000 investment from sharks Lori Greiner and Daymond John. In this article, we’ll answer common questions about what happened to Scholly after the show aired and offer tips on how you can improve your chances of success if you decide to pitch your product or service to the sharks!
History of the Founder
Scholarships are one of the most important tools that students have to pay for college. Christopher Gray was a freshman at Drexel University when he realized that the process for finding scholarships was broken. There weren’t any apps to search for scholarships or any easy way to find the money for college. He had to do things in an old-fashioned way, by scouring the internet and filling out long applications.
After months of research, he finally found a $ 1,300,000 scholarship and won it. While it covered his college, there’s something he found out while looking for scholarships that he felt needed to change. The process was way too stress-inducing, and he wanted to make it easier for other students. The biggest enemy of any student was shady companies that charged for scholarship searches. These companies would often give you a list of scholarships that you could have easily found on your own. Not only would they risk their precious time, but also their hard-earned money.
He decided to do something about it and created Scholly, one of the first mobile apps that helped students find scholarships. It’s simple to use and takes the guesswork out of finding money for college. He created a database for the app with the help of two of his classmates and managed to remove all the scholarships that weren’t trustworthy.
The app works in a simple way, students have to enter their own preferences and the app displays a list of available scholarships. The students can then apply to as many scholarships as they want with a few clicks. It’s a great way to save time and money, and it has helped thousands of students win scholarships.
Scholly shows both the deadlines and the requirements for each scholarship, so the students know exactly what they need to do. It’s a great way to keep track of scholarships and make sure that you don’t miss any deadlines.
Google search doesn’t show all available scholarships, and that’s one of the reasons why Scholly is so important. There are a lot of great scholarship opportunities out there, but they’re often hidden from students. The app makes it easy to find these scholarships and apply for them.
The app was available both for iOS and Android, and it cost just under a dollar. But Christopher was looking for a way to make it more affordable for students and make it free. The only way to do that was to get some investors on board, and that’s where Shark Tank came in. [1] [2] [3]
Scholly at Shark Tank
Christopher Gray went on Shark Tank in 2015 in hopes of getting an investment for his app, Scholly. He wanted $ 40,000 for a 15% stake in his company. This wasn’t the biggest ask in Shark Tank history, but it was still a lot of money.
The Sharks were impressed with Scholly. Robert said that he likes the idea of the app, while Mark asks how the scholarships are curated. Christopher explains that they use an algorithm to match students with scholarships.
Lori is very excited about the idea even if the pitch just started, Mark on other hand tries to get more information about the company’s business model.
Lori offers the exact amount that Christopher asked for, $ 40,000 for 15% equity. And she wants him to accept her offer right away, but Christopher wants to hear from the other Sharks first.
Daymon says he will team up with Lori, and offers $ 20,000 of his part on top of what Lori is offering, for a total of $ 60,000 for 15% equity. Mark is getting visibly annoyed but luckily for him, Christopher is willing to hear other offers.
Both Robert and Mark want to know the nitty-gritty details about the algorithm Scholly uses to match students with scholarships, but Lori pushes to make an offer. In the end, Christopher decides to go with Lori and Daymon’s offer. Much to the annoyance of Mark Cuban. Kevin claims that both Lori and Daymond are being way too generous. And Robert agrees with that!
When Christopher left, the Sharks had a bit of a quarrel. Mark was visibly annoyed that he didn’t get a chance to find out more, while Lori and Daymond thought they got a great deal.
So what exactly happened to Scholly after Shark Tank? Let’s take a closer look.
Scholly After Shark Tank
Even though the pitch was less than peaceful, it all worked out in the end for Christopher and Scholly. He got the investment he wanted from Lori and Daymond, and Scholly is now a successful app.
After the episode aired, many more people were interested in the app and its potential. The Scholly team was able to capitalize on this newfound interest and use it to their advantage. Appearance on live TV did its magic and the app’s popularity only grew from there. As of 2022, the deals with both Lori and Daymond have closed and both investors are happy with the progress of the company. Scholly was even featured in a Greatest of All Time Special Episode of Shark Tank. The reason for that was that the seemingly innocent and pure idea of Christopher Gray managed to spark a conflict among all the Sharks.
In the year 2021, the app managed to reach $ 100,000,000 of scholarship funds for students and has become the Top-1 Scholarship app in both Apple App Store and Google Store. A year after that, Scholly partnered with Bryce Thompson, a 25-year-old entrepreneur who helped Scholly to gift $ 100,000 in Financial Freedom scholarships to ten lucky college students.
The main goal of Scholly remains unchanged – to empower people financially and help them reach their dreams. The app is constantly being updated and improved to make the user experience even better. They also offer money giveaways that intend to help students to pay their bills.
Student debt is yet another major issue students in the USA face, and Scholly is determined to help as many people as possible. [2] [3] [4]
How Can You Sign-Up for Scholly
If you’re interested in signing up for Scholly, there are a few things you need to know.
First of all, the app is only available to students who are currently enrolled in an accredited college or post-grads, however even people out of university can apply. This is to ensure that only people who are serious about their education and career are using the app.
Once you’ve verified that you’re eligible, you can go ahead and download the app from either the Apple App Store or the Google Play Store. Once you’ve downloaded and installed the app, open it up and create an account using your email address. After that, you’ll be asked to fill out a profile so that Scholly can match you with relevant scholarships.
Make sure to fill out your profile as completely and accurately as possible to increase your chances of being matched with scholarships. Once you’re done, take a look at the list of available scholarships and see if any of them match your criteria. If you find one that you’re interested in, simply click on it and follow the instructions to apply.
It’s important to note that Scholly is not a scholarship provider; instead, they’re a middleman that connects students with scholarships. This means that you’ll still have to go through the same application process as you would if you were applying for a scholarship directly from the provider.
However, Scholly does make it easier to find and apply for scholarships by doing all the heavy lifting for you. In other words, they’ll search through millions of scholarships and provide you with a list of the ones that match your profile. All you have to do is apply, which saves you a lot of time and hassle.
The app has a subscription model, however, you get a 3-day free trial when you first sign up. Scholly also offers a money-back guarantee if you’re not satisfied with the service, so you don’t have anything to lose by giving it a try.
Overall, signing up for Scholly is quick and easy, and the subscription model means that you can cancel at any time if you’re not happy with the service. [3] [4]
Scholly Net Worth
Scholly’s net worth is difficult to estimate because the company does not release its financial information to the public. However, we can make some educated guesses that they have grown by nearly 10 times since they appeared on Shark Tank. [3]
Competitors of Scholly
But how are things looking for Scholly today? Are they still the top scholarship search engine, or have they been eclipsed by the competition? Let’s take a look at some of their main competitors to find out.
Another competitor is ScholarshipOwl. Like Scholly, ScholarshipOwl also offers a matching service to connect students with scholarships they may be eligible for. However, ScholarshipOwl goes a step further and also offers a service to help students with the application process by preparing and offering a free consultation from professionals. [3]
FAQ
Did Scholly get a deal?
Yes! Scholly founder Christopher Gray landed a deal with two sharks, Daymond John, and Lori Greiner, for $ 60,000 in exchange for 15% equity in the company. This deal was criticized by other sharks for being too generous but nonetheless, it was an incredible opportunity for the young company.
Since then, Scholly has continued to grow and prosper. The company has been featured in major news outlets and gained some partnerships. As of 2022, more than 4 million users still use Scholly to find scholarships!
Is Scholly still in business?
Yes, Scholly is still in business and growing! After their appearance on Shark Tank, they partnered with Lori Greiner and Daymond John. The company has continued to extend its funding and as of 2022, they have 4 million users.
They are also working on something more besides scholarship assistance and search. They are now venturing into helping students with their student debts.
Who invested in Scholly?
The sharks were impressed with Scholly’s business model and its potential to make a significant impact on the education space. Lori and Daymond have jumped on board as co-owners, with Lori taking the lead on this investment.
They offered more than Christopher originally asked, and at the same equity stake. He had asked for $ 4,000 for 15% equity but Lori and Daymond offered $ 60,000 for 15%.
This gave Scholly the push they needed to really get the business off the ground and continue to grow.
Who owns Scholly?
Scholly was founded by Christopher Gray, who wanted to make college more affordable for students. He had to look for scholarships manually and saw a way to use technology to make the process easier.
Now, Scholly boasts more than 4 million users and has helped them win over $ 100 million in scholarships. The company has achieved the number one stop in scholarship apps and is pretty popular among both students and post-grads alike.
Useful Video: The Sharks Get Into A Heated Fight Over Scholly!
Conclusion
Everyone deserves a good education, and with Scholly, that’s exactly what they get. Christopher has put all his heart into this project, and it has truly paid off. Not only did he receive a big investment from the sharks, but Scholly has gone on to become one of the most popular college search engines out there.
More than four million students have used Scholly to date, and it has helped them secure more than $ 100 million in scholarships. The company has also been featured in major news outlets such as Forbes.
If you’re looking for a way to finance your education, Scholly is definitely worth checking out. It’s an easy-to-use platform that could help you save a lot of money on your college tuition. And of course, the time you’d spend on searching for the one that fits your needs could be used to get better grades, so it’s a win-win situation!
What do you think about Scholly? Let us know in the comments below!
References:
- https://www.sharktankblog.com/scholarship-app-scholly/
- https://www.sharktankblog.com/business/scholly/
- https://bizzbucket.co/scholly-shark-tank-update/
- https://myscholly.com/