Christopher Gray pitches Scholly, a smart phone app that makes it easier for students to find college scholarships, in Shark Tank episode 617. Fray, who personally applied for and received over $1.3 million in scholarship money to fund his own Drexel University education, created Scholly and its database along with two classmates. They individually curate each scholarship, vetting out “shaky” offers.
At the heart of the business is the Scholly app. Nearly one in four students accesses the internet via their cell phone, which is why Gray decided to make the app smart phone based. Students enter criteria into the database and get recommendations for suitable scholarships. Scholly manages the deadlines and helps each student work through the process of applying.
Millions of dollars in scholarships go unclaimed each year and Scholly hopes to make that number much smaller by making finding and applying for scholarships a more streamlined process. The app costs $0.99 and the Scholly team is negotiating with large institutions to buy the app in bulk to provide to members and customers for free.
Will Scholly get a scholarship in the school of Shark Tank?
Scholly Shark Tank Recap
Christopher enters seeking $40,000 for 15% of his company. He explains the app. Robert likes the idea. Mr. Wonderful wants to know how they curate the scholarships. When Christopher says he got $1.3 million in scholarships and that over $100 million in scholarship money goes unclaimed every year, the Sharks are impressed. Lori loves the idea, even if she doesn’t have all the information. Mark wants to know more and they squabble. Lori offers $40,000 for 15% and asks Christopher to say yes.
Daymond offers to team up with Lori and pitches in $20K to go in with Lori. Mark is aggravated. Christopher wants to hear other offers. Mark and Robert want to know what the back-end algorithm is. Lori pushes Christopher to accept. Mr. Wonderful thinks their offer is charity. Christopher accepts.
After he leaves, Robert gets mad at Lori and says “it’s Shark Tank, not charity Tank.” Robert hated when people wanted to give him a break. Daymond, Lori and Mr. Wonderful squabble. Robert says he is getting pissed off and doesn’t want to say anything bad, so he gets up and leaves. Mark and Mr. Wonderful continue to say Daymond and Lori were too charitable, Lori says they just don’t like it when they get scooped. Kevin walks off and Mark follows. Daymond says he loves the deal.
RESULT: DEAL with Lori and Daymond for %40K for 15%
Scholly Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The deal with Lori closed and after the show, Daymond joined the deal..
In February, 2020, the company appeared in The Shark Tank Greatest of All Time Special in the “greatest Shark fights” segment. The scene where the Sharks walk of the stage is featured.
As of 2021, the app has found over $100,000,000 in funds for students and it is the world’s number one scholarship app. In February, 2022, the company partnered with 25-year-old entrepreneur, investor, author and former Morehouse College student, Bryce Thompson. Together, they awarded $100,000 in Financial Freedom scholarships to ten lucky college students. “Our goal has always been to empower people financially,” says Scholly founder Christopher Gray. “We’re so grateful to have partners like Bryce that are just as passionate in that effort as we are. Because of their generosity, the Scholly community has more access to financial help than ever before.”
In March, 2022, Scholly partnered with Google to offer The Women of Color In Tech $10,000 Scholarship for women from marginalized communities of color who wish to pursue technology education. In May, 2022, the app boasts over 4 million users. Gray says 2021 was their “best year ever.” The company is working on adding a student debt payoff service to the app and hopes to have it operational by the end of 2022. As of January, 2023, they are beta testing the new app.
Update Segment
The compamy gets an update segment in episode 1518. The episode re-runs for the first ime in June, 2024. In the update, Christopher says his app gives kids an easy way to pay for college. When he first came to Shark Tank, Scholly had $90,000 in total revenue. In the 9 years since, Scholly has over $30 million in revenue. The app has 5 million users and they’ve helped students raise over $100 million in scholarships.
Chris announces the company has been acquired by Sallie MAE, the largest government backed student lender, in “a multi million dollar deal.” Sallie MAE will provide the app to students for free, meaning even more people will be able to take advantage of it. Lori says she’s so proud of Chris. What’s hapening to him is every entrepreneur’s dream and it’s changing his life. Daymond says he increase his investment over 40 times.
Chris and Daymond visit Daymond’s old high school where they present 2 students with $10,000 scholarships. Sallie MAE also presents a $1 million check to the Thurgood Marshall Scholarship Fund. Daymond says he and Lori invested in Chris and now Chris is investing in the future and that’s what it’s all about. The segment closes with Chris saying Daymond and Lori helped him achieve his dreams and now, with Sallie MAE, he’s helping millions of kids achieve their dreams.
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