Scholly Shark Tank: What Happened To Scholarship App After $40k Shark Tank Deal!

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scholly after shark tank

What Exactly Is Scholly?

Scholly is a scholarship search engine and smartphone application created in the United States by Christopher Gray. The program provides personalized postsecondary scholarship recommendations by connecting individuals to the scholarships for which they are personally eligible.

Based on a variety of criteria, it filters and produces a concentrated list of qualified scholarships with links and deadlines (such as gender, state, GPA, and race). Because of the project’s one million participants, Gray was named to Forbes’ 2016 30 Under 30 list of social entrepreneurs. Scholly staff update scholarship information in the application on a weekly basis to ensure that their students have the most up-to-date information and scholarship opportunities.

scholly after shark tank

More Details About Product:

Company Name Scholly
Founder Christopher Gray
Product App for finding college scholarships
Investment Seeking $40,000 For 15% equity in Scholly
Final Deal $40,000 For 15% equity in Scholly
Shark Daymond John and Lori Greiner
Episode Episode 20 Season 6
Business Status In Business

Who Is Scholly’s Founder?

Scholly was founded by Christopher Gray, Nicholas Pirollo, and Bryson Alef. The company’s founder and CEO are Christopher Scholly. Nicholas is the Director of Scholly and served as the company’s first chief development officer.

Nicholas is also the First Republic Bank’s Deputy Chief Technology Officer, an advisor at Ivee, and a director of Bryson was a co-founder of Scholly and is currently the president of products at First Republic Bank.

Scholly was developed by Nicholas Gray in response to his personal struggles with college admissions. He hails from a low-income family where even the most basic amenities, such as internet connection, were out of reach. When he initially entered university, he had to fight hard to get scholarships, which he finally earned.

As a result, he established a strategy to aid other struggling students by offering low-cost mobile access to relevant scholarship alternatives. Scholly was launched in Philadelphia in 2014, and in little over a year, it has helped students raise more than $9 million in scholarship funding. Before pitching the firm on Shark Tank, the creators of this app built a website through partnerships.

Scholly, What Happened at The Shark Tank Pitch?

In exchange for $40,000 and a 15% share in his company, Christopher participates in Shark Tank season 6 episode 20. This equals $266,666.67 in value. He explains how the application works. The notion appeals to Robert.

Both the iPhone and Android operating systems are supported by the app. Lori inquires if Chris works alone, to which Chris says that he works alongside two co-founders. He is the company’s CEO and entrepreneur, while the other two are more technical and development-oriented.

Mr. Wonderful is intrigued as to how the scholarship recipients are chosen. When Christopher reveals that he won $1.3 million in scholarships and that over $100 million in scholarship money goes unclaimed each year, the Sharks are amazed. Scholly costs $.99 on the app store, according to Chris, and there have been 92,000 paid apps in less than a year.

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Despite the fact that she lacks the required evidence, Lori likes the notion. Mark is curious, and the two clash. Lori offers Christopher $40,000 in return for a 15% stake in the company. Daymond empathizes with Scholly and gives the same offer as Lori did. Daymond makes a $40,000 offer in exchange for a 15% ownership in the company. Mark wants to know how many scholarships are in the database.

scholly after shark tank

The database, according to Chris, comprises between 10,000 and 20,000 accessible scholarships, and the program was built using an algorithm that allows a computer to scrape the web pages. Lori then declares that she and Daymond would form a joint enterprise, offering Daymond a 50/50 stake and $40,000 in exchange for 15% of the company and two Sharks’ loyalties.

Mark is furious. Christopher is open to hearing more suggestions. Lori coerces Christopher into signing the contract. Mr. Wonderful regards their donation as benevolent. Christopher accepts gladly. Robert grows upset with Lori after his departure and exclaims, “This is Shark Tank, not charity Tank.”

When someone offered Robert a break, he resented it. Daymond, Lori, and Mr. Wonderful get into a fight. Robert says he’s becoming irritated and doesn’t want to say anything unpleasant, so he stands and walks away. Daymond and Lori continue to allege that Mark and Mr. Wonderful were overly kind; Lori believes that they simply despise being scooped.

Mark follows Kevin out the door. Daymond expresses his delight with the acquisition. Chris also reached an agreement with Lori and Daymond for a total of $40,000 and 15%.

Scholly Following His Shark Tank Pitch:

Lori’s purchase was finished. Scholly received 80,000 requests in a few hours after the episode was broadcast. The app had been downloaded by 850,000 users as of December 2016, connecting students to more than $50 million in scholarships.

Gray has met Bill Gates, been honored by Oprah Winfrey, and been invited twice to the White House. Scholly received a $100,000 competitive award from Steve Case, co-founder and former CEO of AOL. He also worked with actor Jesse Williams from Grey’s Anatomy.

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In February 2020, the business was included in the “Greatest Shark Battles” segment of The Shark Tank Greatest of All Time Special. The Sharks’ exit from the stage scenario is emphasized. The app, which is the world’s biggest scholarship app, has helped students find over $100 million in financing as of 2021.

Scholly’s Net Worth:

In exchange for $40,000 and a 15% share in his company, Christopher participates in Shark Tank season 6 episode 20. This equals $266,666.67 in value. The current value of his net worth is unknown.

 

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