Getting a scholarship in college is a big help financially, but they aren’t easy to receive. Christopher Gray, a student who experienced the complexity of college applications himself, was eager to solve this issue. After developing the Scholly app, he went on Shark Tank and made a deal with Lori Greiner and Daymond John. As of 2022, Scholly is worth $1.5 million.
About the Founder
Christopher Gray is from Philadelphia, Pennsylvania. He was raised in tough conditions by a single mother who struggled to keep a job. Gray wanted to have a better life for himself by studying entrepreneurship and finance at Drexel University.
He spent more than seven months looking for scholarships, spending most of his time at public library computers, writing essays. In the end, Gray bagged around $1.3 million in scholarships following his strategy.
The Alabama kid became an expert in searching for and winning scholarship grants. Because of this, he sailed through his four years in college and got a bachelor’s degree. The grants allowed him to focus more time on studying and didn’t have to worry about finances.
Establishing the Company
The outcome of Gray’s experience inspired him to create a mobile app that can simplify the college application process for students around the world. He joined forces with developers Nick Pirollo and Bryson Alef, who were later named co-founders of Scholly.
The app was officially launched in 2013. It features legitimate scholarships, which has helped thousands of students get through college by providing them with relevant scholarships in minutes. The platform can make a customized list of suitable scholarships based on criteria such as GPA, race, gender and state.
A year after the official launch, Scholly helped students in Philadelphia receive over $9 million in scholarship funds. Christopher wanted to get international users, so he needed more capital to expand their reach.
Shark Tank Appearance
To move into the next phase of his plan, Christopher Gray offered the Sharks 15% of his startup in exchange for $40,000. He entered the show during season six and captivated SharkTank investors after explaining how Scholly worked.
He further intrigued the Sharks after mentioning that more than $100 million of scholarship funds don’t get claimed every year. However, Daymond John and Lori Greiner loved the business model.
So, they teamed up to split the $40,000 investment without even hearing how much money Scholly was currently making. This caused quite a scene because Robert didn’t want the show to become a charity. Even with all the fuss, the Scholly founder said yes to Lori and Daymond.
After Shark Tank
After their Shark Tank episode aired, Scholly was featured in a number of major media outlets like BusinessWeek, Forbes, Fortune Magazine, Fox News, and more. Gray has also met Oprah, Bill Gates and has been invited to the Whitehouse twice.
Scholly soon became the number one college scholarship app in the app store, with over 850,000 downloads. Before Shark Tank, the app cost $0.99, but now it’s free. Today, the app’s developers are working to create a feature to help with student debt. They have teamed up with actor Jesse Williams to tackle this problem.
Scholly has assisted students in claiming more than $100 million in scholarship funds. The company doesn’t openly share its annual revenue due to competitors. Even so, Scholly is estimated to be worth around $1.5 million.
