Scholly Shark Tank Update | Scholly Net Worth

Scholly is a scholarship platform featured on Season 6 of Shark Tank. Scholly is a mobile application designed to help students find and secure scholarships for higher education.

The app simplifies the scholarship search process by matching students with relevant scholarship opportunities based on their unique profiles and qualifications.

To use Scholly, students create a profile with academic information, extracurricular activities, and personal interests.

The app then utilizes advanced algorithms to generate a curated scholarship list that matches the student’s profile. The list includes national and local scholarships, making it comprehensive and diverse.

Scholly’s ability to provide personalized assistance during the application process makes it stand out. It offers guidance on how to write compelling essays, create impressive resumes, and prepare for interviews, giving students a competitive edge.

Moreover, the app sends timely reminders about upcoming deadlines, ensuring that students never miss out on potential opportunities.

Scholly also stands out for its user-friendly interface and intuitive design. It is easy to navigate and provides a seamless experience for students.

Additionally, the app is constantly updated with new scholarships, ensuring students can access the latest opportunities.

Scholly is an excellent choice for students seeking financial aid for their education. Its comprehensive scholarship database, personalized assistance, and user-friendly interface make it a valuable tool for simplifying scholarship searches.

Scholly can help students receive scholarships and meet their educational goals by increasing their chances of securing scholarships.

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
Scholly Episode Episode 20, Season 6
Scholly Business StatusIn Business
Scholly WebsiteVisit Website
Scholly Net Worth$5 Million

What Is Scholly?

Scholly is a mobile app and online platform that helps students find college scholarships. It provides a database of scholarship opportunities and matches students with scholarships based on their profile and qualifications.

Scholly also offers resources and tools to assist students throughout the scholarship application process. Scholly was founded in 2013 by Christopher Gray, who won $1.3 million in scholarships to fund his college education.

Scholly Shark Tank Update | Scholly Net Worth

Scholly was created to make the scholarship search process easier and more accessible for students. Here are some key features and details about Scholly:

  • Scholarship Search: Scholly has a comprehensive database of scholarships from various sources, including corporations, foundations, and organizations. Students can search for scholarships based on academic achievements, extracurricular activities, interests, and demographics.
  • Personalized Matches: The app uses an algorithm to match students with relevant scholarships based on their profile information. This helps students find scholarships that align with their qualifications and interests.
  • Application Assistance: Scholly provides guidance and resources to help students navigate the scholarship application process. It offers tips on writing effective essays, creating impressive resumes, and preparing for interviews.
  • Deadline Reminders: The app sends notifications and reminders about upcoming scholarship deadlines, ensuring students don’t miss out on opportunities.
  • Tracking and Organization: Scholly allows users to track the scholarships they have applied for and view their progress. This helps students stay organized and manage their applications effectively.
  • Additional Resources: Scholly offers access to educational resources, financial literacy tools, and information on college planning. It aims to support students not only in finding scholarships but also in achieving their educational goals.
  • Availability: Scholly is a mobile app for iOS and Android devices. Users can also access the platform through the Scholly website.

Scholly aims to simplify the scholarship search process and increase the chances of success for students seeking financial assistance.

Who Is The Founder Of Scholly?

Christopher Gray is the founder of Scholly, an entrepreneur and philanthropist hailing from Birmingham, Alabama. The idea of creating Scholly came to him during his senior year of high school when he experienced firsthand the arduous process of applying for scholarships.

Gray aimed to streamline the scholarship application process for students by recognizing that finding relevant scholarships can be time-consuming and challenging. He worked with Nick Pirollo, a friend with programming skills, to create Scholly.

Before Scholly appeared on Shark Tank, it had already begun to make waves in the scholarship sphere. The app has received accolades, such as the Verizon Powerful Answers Award, and has even been recognized at the Consumer Electronics Show’s Mobile Apps Showdown. 

Scholly has helped countless students secure millions of dollars in scholarships with its user-friendly interface and effective matching algorithms.

When Christopher Gray appeared on Shark Tank in 2015, he seized the opportunity to pitch Scholly to the investors. He emphasized how the app had the potential to revolutionize the scholarship search process and make it more accessible to students nationwide.

Impressed by the app’s effectiveness and scalability, the investors recognized its potential for significant growth. Ultimately, Christopher Gray struck a deal with investor Lori Greiner, who shared his vision for Scholly and believed in its potential for success.

How Was The Shark Tank Pitch Of Scholly?

On Shark Tank, Christopher Gray pitched Scholly, a mobile app that matches students with nationwide scholarships based on their needs.

He sought an investment of $40,000 in exchange for a 15% equity stake in his company, valuing Scholly at $2.67 million. The Sharks were impressed with the idea and acknowledged students’ difficulty finding scholarships.

Robert Herjavec and Mark Cuban were particularly interested in Chris’s story of winning $1.3 million in scholarships and his motivation behind creating Scholly.

Lori Greiner and Daymond John quickly made an early joint offer of $40,000 for a 15% stake in the company. They believed in Chris and his vision, urging him to accept their offer immediately.

The other Sharks, including Kevin O’Leary, Robert Herjavec, and Mark Cuban, had reservations about the deal. They questioned the functionality of the app, the database of scholarships, and the scalability of the business.

However, due to Lori and Daymond’s persistence, Chris accepted their offer without giving other Sharks a chance to make competing offers.

After the segment aired, the deal with Lori Greiner and Daymond John closed successfully. Scholly gained significant attention and was featured by Forbes Magazine multiple times. Their social media presence also grew rapidly after their Shark Tank appearance.

Over time, Scholly continued to thrive. By 2021, the app had raised over $100 million in funds for students, becoming the world’s leading scholarship app.

They partnered with Bryce Thompson and awarded ten students $100,000 in Financial Freedom Scholarships. In 2022, the app had over 4 million users and planned to introduce a student debt payoff service.

While Scholly received positive reviews and achieved success, there were some criticisms from users. Some complained about the app’s payment system and cancellation issues. These concerns affected its ratings on app stores, with a 3.7-star rating on the iOS App Store and a 4.2-star rating on Google Play.

Despite these challenges, Scholly’s value increased, reaching approximately $5 million by 2022. The company maintains an active presence on social media platforms such as Instagram and Facebook for updates and news.

Final Deal: Lori and Daymond agreed to invest $ 40,000 for a 15% stake in Scholly.

Did Scholly Get a Deal on Shark Tank?

Yes, Scholly did secure a deal on Shark Tank. The mobile app, designed to help students find college scholarships, was presented by creator Chris Gray. It caught the attention of Sharks Lori Greiner and Daymond John, and they decided to invest in the business.

After the show, it was reported that the deal with Lori Greiner and Daymond John officially closed. This suggests that the Sharks followed their commitment, providing Scholly with the financial backing and business acumen needed to grow and succeed.

What Happened To Scholly After Shark Tank?

After appearing on Shark Tank in 2015, Scholly faced both success and controversy. CEO Chris Gray sought a $40,000 investment for a 15% stake in his business. Lori Greiner and Daymond John quickly made an offer, causing tension among the other sharks.

Mark Cuban and Robert Herjavec expressed frustration that they could not ask questions or compete for the investment opportunity. Despite the controversy, Gray accepted Greiner and John’s offer.

The deal with Greiner and John appears to have closed officially, with investors supporting and promoting Scholly. After the episode aired, the app experienced a surge in popularity, becoming the top-ranked app on the app store.

Scholly Shark Tank Update | Scholly Net Worth

Post-Shark Tank, Scholly transitioned from a $0.99 service to a subscription-based model. Users are charged based on their chosen plan: month-to-month, bi-annual, or annual.

This change sparked frustration from some users, who criticized the app for introducing a cost barrier for those who struggle financially.

Additionally, users reported bugs, such as app crashes and being paired with ineligible scholarships. Scholly released an update to address these issues.

Despite the challenges, Scholly has helped students connect with over $100 million in college scholarships and continues providing scholarship opportunities.

To remain valuable, Scholly needs to address backend technology issues to ensure students can find scholarships that are relevant to them.

While facing competition from free scholarship databases, Scholly could explore streamlining the scholarship application process, similar to the Common Application for colleges.

Scholly’s appearance on Shark Tank brought attention to their mission of helping students find scholarships, but they still face challenges in refining their service and maintaining its value.

Scholly Shark Tank Update

After appearing on Shark Tank, Scholly received an investment from Lori Greiner and Daymond John. The deal closed, and Forbes Magazine featured them on several occasions.

Scholly social media pages also experienced significant growth. By 2016, their Facebook page had garnered over 14,000 likes.

In February 2020, Scholly was featured in Shark Tank’s “Greatest Shark Fights” segment during the “Greatest of All Time Special.” The segment was showcased when Mark Cuban, Kevin O’Leary, and Robert Herjavec walked off the stage.

Kevin mentioned that they sometimes go for a drink after filming to “patch things up” because they must repeat the process the next day.

By 2021, Scholly had raised over $100 million in funds for students, establishing itself as the world’s number one scholarship app.

They also partnered with Bryce Thompson, an entrepreneur and former Morehouse College student, to give ten lucky students $100,000 in Financial Freedom Scholarships.

Scholly Shark Tank Update | Scholly Net Worth

As of 2023, the Scholly app boasts over 4 million users. Christopher Gray, the CEO of Scholly, revealed plans to add a student debt payoff service by the end of that year.

While the app has generally positive ratings on both the iOS App Store and Google Play Store, some users have expressed concerns. 

One common complaint is that the app requires payment to access scholarships, which can be challenging for students with limited funds. Additionally, payment issues have been reported, such as being billed even after cancelling a subscription.

Despite these challenges, Scholly has continued to grow its user base and expand its services. As of 2022, the company is valued at approximately $5 million, nearly double its initial valuation when it appeared on Shark Tank.

They maintain an active presence on Instagram and Facebook, providing updates and news to their followers.

Is Scholly Still In Business?

Our research shows that Scholly is still in business. The mobile app, founded by Christopher Gray in 2013, continues to provide a platform for students to simplify the college application process and find relevant scholarships.

Since its launch, Scholly has helped thousands of students worldwide by providing them with a customized list of suitable scholarships based on criteria such as GPA, race, gender, and state.

After Christopher Gray appeared on Shark Tank and made a deal with Lori Greiner and Daymond John, Scholly gained significant attention and received 80,000 requests within hours of the episode airing.

Scholly became the number one college scholarship app in the app store, with over 850,000 downloads. Scholly has also expanded its services beyond scholarships.

The company is working on creating a feature to help with student debt and has partnered with actor Jesse Williams to tackle this problem.

Additionally, Scholly offers users a way to earn money by signing up with their partners, such as Acorn, Survey Junkie, and Sallie Mae.

While Scholly’s annual revenue is not openly shared due to competitors, the company is estimated to be worth around $5 million.

The app is free to download, but users must test out a trial or pay a monthly fee of $4.99. In summary, Scholly is still operating and continues to assist students in finding scholarships and providing resources related to student debt.

What Is the Net Worth of Scholly?

According to our research, the net worth of Scholly is estimated to be $5 million. The valuation of Scholly was $$2.67 million after securing an investment from Daymond John and Lori Greiner on Shark Tank.

Also, read about other businesses that appeared on Season 6 of Shark Tank:

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