Receiving a scholarship can make a big difference in affording college, but they’re not always easy to come by. Christopher Gray, a student himself, understood the challenges of navigating college applications and wanted to find a solution. After creating the Scholly app, he appeared on Shark Tank and struck a deal with Lori Greiner and Daymond John. As of 2024, Scholly is valued at $1.5 million.
Scholly features
Chris explains that he understands the high cost of higher education firsthand because he’s currently attending a university himself. As tuition keeps rising every year, many families are resorting to student loans to afford the cost of college.
Although this creates an impossible burden for students, grants are available to assist alleviate financial strain.
The problem is, it’s nearly impossible to find these grants, and universities end up with billions of dollars in unclaimed grant money every year. That’s why Chris created Scholly.
The Scholly app utilizes pre-populated data to discover scholarships available across the country for prospective students.
You can begin by filling out your state, race, GPA, gender, and choose between need-based and merit-based scholarships. You can also specify your current academic standing, intended major, and leave additional notes if needed.
Once you’ve completed the form, selecting “Match” will instantly display results featuring all available scholarships that meet your criteria.
Are you guys curious as I am whether or not they have been successful in taking it from a fledgling company to its current state of prominence? Let’s find out what happens after Shark Tank.
About the Founder
Christopher Gray hails from Philadelphia, Pennsylvania. He grew up facing tough circumstances, raised by a single mother who struggled to maintain employment. Determined to create a better life for himself, Gray pursued studies in entrepreneurship and finance at Drexel University.
He dedicated over seven months to searching for scholarships, spending much of his time at public library computers writing essays. In the end, Gray secured approximately $1.3 million in scholarships by following his strategy.
The kid from Alabama became a pro at finding and winning scholarship grants. Thanks to this skill, he breezed through four years of college and earned a bachelor’s degree. The grants enabled him to dedicate more time to studying without worrying about finances.
Founding Scholly
Gray’s journey inspired him to develop a mobile app aimed at streamlining the college application process for students worldwide. He teamed up with developers Nick Pirollo and Bryson Alef, who were subsequently recognized as co-founders of Scholly.
The app was officially launched in 2013. It showcases authentic scholarships, assisting thousands of students in navigating college by instantly providing them with pertinent scholarships. The platform generates a personalized list of suitable scholarships based on criteria like GPA, race, gender, and state.
A year after its launch, Scholly assisted students in Philadelphia in securing over $9 million in scholarship funds. Christopher aimed to attract international users, which required additional capital to broaden their outreach.
Scholly Net Worth 2024 before Shark Tank?
Chris, who is currently a junior in college, conceived the concept. He himself received scholarships totaling $1.3 million.
Chris says it took up to seven months, but as a junior, he scoured the internet and found a lot of “Full Ride” scholarships, which cover everything but textbooks.
Chris, who was raised by a single mother and has two brothers, found that the application fees for many of the schools he hoped to attend posed a barrier to applying.
Chris says that Scholly actually concentrates on external scholarships rather than those offered by the institution itself.
After Shark Tank Scholly Net Worth 2024
Following their Shark Tank episode, Scholly received 80,000 requests within hours and gained recognition from major media outlets such as Forbes, Fortune Magazine, and Fox News. Gray has also had the opportunity to meet Oprah, Bill Gates, and has been invited to the White House twice.
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Shortly after, Scholly skyrocketed to become the top college scholarship app in the app store, amassing over 850,000 downloads. Prior to Shark Tank, the app was priced at $0.99, but it now requires a monthly fee of $4.99. While the app is free to download, users must either opt for a trial period or subscribe for a monthly fee. On the Apple app store, the Scholly app has a rating of 3.7 out of 5 based on 6,100 ratings.
Presently, the app’s developers are focused on crafting a feature to assist with student debt. They’ve partnered with actor Jesse Williams to address this issue. Scholly provides users with opportunities to earn money by signing up with their partners, including Acorn, Survey Junkie, and Sallie Mae.
Scholly has helped students secure over $100 million in scholarship funds. Although the company doesn’t disclose its annual revenue to avoid competition, it’s estimated to be valued at around $1.5 million.