Scholly Shark Tank Update – Shark Tank Season 6
Christopher Gray’s scholarship-matching app, Scholly, secured a deal on Shark Tank. It had helped millions of students and landed a multi-million-dollar acquisition by Sallie Mae.
Christopher Gray entered the Shark Tank Season 6 Episode 20 with a mission to make college scholarships accessible to every student with a smartphone. His app, Scholly, streamlines the daunting process of finding and applying for scholarships.
Users enter their background, academic details, and career goals, and Scholly’s curated database instantly returns a list of relevant opportunities. It’s fast, easy, and built on Gray’s real-life experience. He earned $1.3 million in scholarships using the very same process.
At just $0.99, the app is not only affordable but also designed to scale. Institutions were already expressing interest in licensing it in bulk to offer to students for free.
Check out other Shark Tank Season 6 Episodes.
About Scholly
| Category | Details |
|---|---|
| Business Name | Scholly |
| Founders | Christopher Gray |
| Industry | Education |
| Product Type | Scholarships mobile app |
| Deal Status | Deal secured with Lori and Daymond |
| Investment Asked | $40,000 for 15% equity |
| Deal Outcome | $40,000 for 15% equity |
Christopher Gray pitches Scholly, a smartphone app that makes it easier for students to find college scholarships, in the Shark Tank episode 617. Gray, 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 Scholly is its mobile app. Nearly one in four students access the internet via their cell phone, which is why Gray decided to make the app smartphone-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 at the school on Shark Tank?
Scholly Shark Tank Pitch
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.
What Makes Scholly Unique?
Scholly has been built by a student who cracked the scholarship code and wanted to share the blueprint. The features that make Scholly unique are:
- Vet-Based Curation: Every scholarship in the app is hand-vetted by the team, eliminating scams and spam.
- Mobile-First Access: With millions of students using smartphones as their primary device, Scholly meets them where they are.
- Affordable & Scalable: Originally priced at under $1, it is now free, thanks to institutional partnerships.
- Social Impact Focus: Partnerships with Google, Bryce Thompson, and Sallie Mae have led to direct scholarship grants and outreach to marginalized communities.
Did Scholly Get a Deal on Shark Tank?
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 it 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. Finally, Christopher secures a deal with Lori and Daymond.
What Happened to Scholly After Shark Tank?
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 off the stage is featured.
By 2021, the app had found over $100,000,000 in funds for students, and it was 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 a $10,000 Scholarship for women from marginalized communities of color who wish to pursue technology education. In May 2022, the app boasted over 4 million users. Gray says 2021 was their “best year ever.”
Scholly began developing a student debt payoff tool as an addition to the app feature, expected by late 2022. As of January 2023, they were beta-testing the new app.
Update Segment
The company gets an update segment in episode 1518. The episode re-runs for the first time 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 grew to 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 happening to him is every entrepreneur’s dream, and it’s changing his life. Daymond says he increased his investment over 40 times.
Chris and Daymond visit Daymond’s old high school, where they present two 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.
Read more details about the Scholarship App on the Shark Tank Blog.
Where Can You Download Scholly?
Scholly is now completely free to download following its acquisition by Sallie Mae. You can get the app on their official website or from the app stores listed below.
Whether you’re a student looking for college funding or a parent helping your child through the maze of tuition costs, Scholly is a powerful tool that’s now more accessible than ever. Stay up to date with Scholly’s scholarship opportunities by following them on Facebook and Twitter.
Quick Summary
- Scholly, a mobile app that helps students find and apply for scholarships, landed a deal with Lori and Daymond for $40000 for 15% equity.
- The app has helped over 5 million students find $100 million in scholarships.
- In 2023, Scholly was acquired by Sallie Mae in a multi-million-dollar deal, allowing even more students to access the app for free and achieve their college dreams.
Check out the updates of other businesses that appeared on Shark Tank Season 6, Episode 20.
