Scholly Shark Tank Update

A smartphone software called Scholly makes it easier for kids to discover college scholarships. Christopher Gray introduces Scholly on Shark Tank episode 617 with his pitch.

He was motivated to develop the app after receiving scholarships above $1 million. When she was in high school, the Drexel University graduate’s mother lost her job to pay much debt.

Fray and two classmates founded Scholly and its database after he applied for and was awarded nearly $1.3 million in scholarships to pay for his studies at Drexel University. 

Each scholarship is hand-curated, with “shaky” offers being weeded out.

The Scholly app is at the core of the company’s operations. Gray opted to build the app smartphone-based because nearly one-fourth of all pupils use their mobile phones to access the internet.

Student qualifications are entered into a database, and scholarship recommendations are generated. Scholly is in charge of setting deadlines and guiding students through the application process.

Scholly aims to reduce the number of unclaimed scholarships by streamlining the process of locating and applying for scholarships, which currently wastes a significant amount of time and resources.

Scholly is in talks with massive institutions to purchase the software in bulk to be provided for free to members and consumers. The app costs $0.99.

What Is Scholly?

Scholly offers students the opportunity to find and apply for scholarships from their mobile devices or online.

Scholly Shark Tank Update

A student can get a list of scholarships that he or she may qualify for after providing some information.

The Scholly staff updates scholarship information weekly, so students have access to the most current scholarship information.

Company NameScholly
FounderChristopher Gray
ProductApp for finding college scholarships
Investment Seeking$40,000 For 15% equity in Scholly
Final Deal$40,000 For 15% equity in Scholly
SharkDaymond John and Lori Greiner
Episode Episode 20 Season 6
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of Scholly?

Christopher Gray, Nicholas Pirollo, and Bryson Alef founded Scholly. Scholly was founded and is led by Christopher, the company’s founder, and CEO.

Nicholas was Scholly’s CDO initially. He currently serves as its Director.

Nicolas is also the Deputy Chief Technology Officer at First Republic Bank, a member of the Ivee Advisor team. At the same time, honorable Bryson co-founded Scholly and is now the First Republic Bank’s president of product.

Scholly Before Shark Tank

Scholly was founded by Nicholas Gray as a result of his troubles with the college application process. 

He was born into a low-income home, and his parents struggled to provide even the most necessities, such as access to the internet.

When he first enrolled at the university, he had to fight hard to acquire scholarships, but he eventually succeeded.

He created an application to provide low-cost access to scholarship opportunities for financially strapped students as a result.

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Scholly helped students raise more than $9 million in scholarship funds within a year of its first launch in Philadelphia in 2014.

The app’s creators had built a website through partnerships before going on Shark Tank to pitch their idea.

How Was The Shark Tank Pitch Of Scholly?

Christopher comes in with a demand for $40,000 in exchange for a 15% stake in his business. He goes over the features of the app with us.

The concept appeals to Robert. Mr. Wonderful is curious about the scholarship selection process.

When the Sharks inquire about Christopher’s scholarship money, he informs them that he received $1.3 million in free money.

The concept intrigues Lori, even though she has no details yet. Mark wants to know more about it, which causes a disagreement. Lori makes Christopher an offer of $40,000 in exchange for 15% of the business.

Daymond offers to join forces with Lori and puts up $20k of his own money for the cause. Mark has lost his cool.

Christopher would like to learn about other possibilities as well. Mark and Robert are curious about the algorithm used in the backend.

Lori is relentless in her efforts to persuade Christopher to agree. Mr. Wonderful considers their offer to be a gesture of goodwill. Christopher readily agrees.

A few minutes after Robert has left the room, he gets angry with Lori, telling her that “this is a shark tank, not a charity tank.” Robert resented it when people begged for a break from him.

Mr. Daymond, Ms. Lori, and Mister. It was a great fight. To avoid saying anything negative, Robert stands up and walks away.

Lori believes Mark and Mr. Wonderful are ungrateful because they don’t like getting the short end of the stick.

Kevin makes his way out the door, and Mark is right behind him. Daymond is ecstatic by the offer.

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RESULT: Lori and Daymond reached an agreement for a 15 percent stake for $40,000 in Scholly.

What Happened To Scholly After Shark Tank?

The magazine Forbes still features Scholly on several occasions, demonstrating the company’s success.

Scholly has also dropped the price point as it grows, making it free to download on the Google Play Store and the Apple App Store.

I was confused by the low price, and further research revealed that in-app purchases are available as low as $2.99.

Scholly Shark Tank Update

It appears that Scholly is doing well on social media, with 14,329 likes on the Facebook page and various articles highlighting Chris’s excellent strategy for saving students billions of dollars every year.

Android Play Store customers give this app a 3.5 rating across 159 reviews, while iOS users score 4.0 out of 7.

Consumers who paid for the software but never received the code to access the full, unlocked version complained.

Scholly Shark Tank Update

Scholly has been covered in several media since Shark Tank, including Time, Forbes, and BusinessWeek. An advertisement for Cadillac’s “Daring Origins” featured CEO Gray.

However, a unique Scholly success story is Sunny Sandhu, a Princeton University student who used Scholly to win over $600,000 in scholarship money.

A segment on “biggest shark fights” from The Shark Tank Greatest of All Time Special featured the company in February 2020. The Sharks’ exit from the stage is depicted in the video.

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Sunny became aware of Scholly for the first time while watching Shark Tank and “instantly downloaded the app.” Sunny will graduate from Princeton University in 2020.

Is Scholly Still In Business?

It’s good to see that Scholly, the app and internet platform that helps high school students find study grants and scholarships to further their education, is still in operation.

Scholly offers a variety of subscription plans that range from month to month up to a year in length after a free three-day trial.

Scholly then connects aspiring college students with organizations or institutions that can help them advance their education by filling out the application information.

Scholarships.com, Scholly’s main competitor, does much the same, except it allows potential scholarship providers to advertise their services.

Veterans of the various armed services can also apply for post-service study funding through this company.

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