Scholly Update 2024 | What Happened To Scholly After Shark Tank?

Adapted from the Japanese TV show Dragons’ Den, Shark Tank has made its mark as a successful business TV show in multiple countries.

With many international installments in countries like Brazil, India, Australia, Canada, Colombia, France and the United States of America, entrepreneurs from different niches and fields bring in innovative and thought-provoking products and ideas to the table.

Clinging on to the hope that the panelists (being venture capitalists and business owners) might invest in their ideas and provide the necessary funding, the passion, zeal and creativity with which each participant present their ideas are commendable and inspiring.

The viewers get to know more about the business terms, how certain products work, what issues arises in starting a business and how to sustain the profits and reach goals of a start-up or business.

With the run-down given for the format of the show, we get to explore one such distinct idea – an app called Scholly that works towards easing the education fees and scholarship hassle of the students in this article.

Scholly Key Highlight

• Scholly is an app created that helps students with the high cost of college by securing scholarships, created by Christopher Gray.
• Scholly cracked the deal with Lori Greiner who offered exactly what he stated for the deal being $40000 for 15% shares of the company.
• Scholly has managed to reach $100 million dollars for students for their scholarship funds, making it rank 1 on Apple app store and Google store, among the lot of scholarship apps.

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What is Scholly?

Scholly is an app created that helps students with the high cost of college by securing scholarships. This app has a common interface of a shopping site, where categories and filters are given, and customers can choose according to that appropriately.

Here the students intending to avail the service of the app have to fill in demographic information like their age, gender, GPA, race, state, race, merit based, grade, major, miscellaneous and then, press match.

They will get a list of scholarships for each student based on their criteria and preferences from the app’s exclusive database.

Who Is The Founder Of Scholly?

Christopher Gray, came up with an idea of the app Scholly to let students understand and avail the benefits of 1000s of scholarships out there. Students often have a hard time figuring out how and which scholarship works, for what University and based on which GPA score.

With increasing college fees and application fees for schools, students and their parents consider it to be expensive, and avail student loans which take years to pay back.

So Gray came with this app catering to the large population of students to gain advantage of many unavailed or unknown scholarships that help with their application fees, educational expenses and much more.

Gray has made use of such tactics to filter the appropriate scholarships for him, and has gained/won scholarships worth about 1.3 million dollars.

Scholly offering for the investor

The offer made by Christopher was crisp and clear to the point for his application to Scholly. He offered a deal of $40,000 for 15% equity of the company. While it may seem like a non-profit business, his turnover states otherwise.

It is sold for 99 cents in the app store, having both iPhone and Android versions, with a total sales of 92000 apps per year. He owes his success to his own success story that acted as an effective marketing strategy, as he hasn’t employed any PR employee for specific marketing of the application.

Did Scholly get a deal on shark tank?

Scholly cracked the deal with Lori Greiner who offered exactly what he stated for the deal being $40000 for 15% shares of the company. Gray was happy with the offer made, but wanted to get feedback and hear about what the other sharks had to offer as well.

The other sharks- Robert and Mark were expectant to know more about the co-founders of the company who are also the developers of the app and website. The further questions and concerns raised by Mark and Robert had Gray double-thinking about the offer made by Lori.

And Daymond John also made a similar offer to Lori- $40000 for 15% share of the company, confusing Gray on which offer to pick. Knowing Lori, she pushed and persuaded Gray into accepting her deal without letting Gray have second opinions on giving into the feedbacks of other sharks.

Finally, Lori and Daymond offered to partner the deal with Gray stating that each will provide $20,000 for a total of 15% equity as offered by Gray in the first place. Gray accepted the offer, as he wanted someone who believes in his work and goals and invests in them.

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How Scholly started & how it did?

Scholly was started as an initiative to cater to the students issues regarding the scholarships, exam fees and school fees as college is expensive and piling up of students’ loans make it a hard time for students to work and study.

Christopher Gray, the founder of Scholly grew up in a low-income household, with a single mom and two siblings. Even though his GPA scores were high, he had a hard time getting into his desired University due to expensive application fees and further college expenses.

So he worked for around 7 months into gaining scholarships that may help him with his college education fees and expenses and won a whopping 1.3 million dollars through scholarships, making him get an idea about how many scholarships are out there to aid the students.

Multiple students don’t have any idea about the number of scholarships available for students from varied places, course, states, age, gender, race and GPA as they fail to get information about it or get lost in the myriad of opportunities present.

What happened to Scholly Before Shark Tank?

Before sharktank company fact and figure: Scholly has been on app store for purchase at 99 cents and has sold 92,000 applications within a year, showcasing it’s profits and total sales made.

Gray showed his real life example for the effective marketing of the app, stating how he has bagged 1.3 million dollars worth scholarship that helped him out with his expensive college fees and further expenses.

What happened to Scholly after shark tank?

After or recent sharktank company fact and figure: After the deal cracked with Lori and Daymond, Scholly has garnered much attention for its initiative on education purposes and also the episode raised eyebrows for the conflict among the judges regarding accepting the offer.

The other sharks stated that Lori and Daymond possibly accepted the offer by Gray just to provide charity and has not let the other judges understand how the app really works around in the back-end.

Scholly is available in app stores for a three-day free trial and later on charge a monthly, bi-annually or annual subscription, making the app more business oriented and profitable in the market.

Why did Scholly go out of business?

Scholly hasn’t gone out of business. Under the partnership of Lori and Daymond, Scholly has become open for inviting subscription plans from the users of the application and not making the app available for free, thereby improving their scale of business and revenue for the year.

Cuban and Herjavec’s interjection and questioning regarding the back-end development and authentic information from the database regarding the scholarships available, was valid as stated by Gray later on after years of airing the episode.

But Scholly turned out to be successful, for its efficient and ambitious approach towards effective utilization of scholarships available from different business and institutions.

Are there any alternatives Of Scholly in the market now?

There are a few alternatives to Scholly being: Scholarly, ARMACAD, ScholarX, ScholarshipOwl, Future Minds Fund which offer similar categorical scholarships based on the preferences of the students. Each app works with a goal to assist students with their scholarship requirements.

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How much is Scholly’s net worth?

After the shark Tank valuation:
Scholly has managed to reach $100 million dollars for students for their scholarship funds, making it rank 1 on Apple app store and Google store, among the lot of scholarship apps.

Scholly ‘s partnership with Bryce Thompson aided in gifting Financial Freedom Scholarships of $100000to ten lucky students. The application successfully has 4+ million users providing financial relief to students to pursue their respective goals in education.

Though it’s hard to estimate the net worth of the business and with less information revealed, Scholly is stated to have grown 10 times bigger after their appearance on Shark Tank.

Before shark Tank valuation:
Scholly had a successful run in the app store with 92,000 paid services in application within a year and the app can be used to avail it’s full services, by paying 99 cents. The networth is difficult to estimate as less information is provided regarding the same.

FAQ About Scholly

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