| Information | |
|---|---|
| Net Worth | $5 million |
| Founding Date | 2013 |
| Country | United States |
| Category | Online Scholarship Platform |
| Founder | Christopher Gray |
Scholarships can be a lifeline for students pursuing higher education, offering financial support to alleviate the burden of tuition fees. Christopher Gray, a student who understood the complexities of the college application process firsthand, decided to make a change. He founded Scholly, a mobile app designed to simplify the scholarship search for students. In this article, we’ll delve into the journey of Scholly, its founder, products, Shark Tank appearance, aftermath, and its current net worth.
About the Company
Scholly is a mobile app and online platform that revolutionized the scholarship search process. It was founded in 2013 by Christopher Gray, a determined entrepreneur who recognized the challenges students faced while hunting for scholarships. Scholly serves as a comprehensive database of scholarship opportunities, using sophisticated algorithms to match students with scholarships tailored to their unique profiles and qualifications.
Founder
Christopher Gray’s upbringing in tough conditions by a single mother who struggled to maintain employment fueled his determination to secure scholarships for higher education. His relentless pursuit led to him winning around $1.3 million in scholarships, enabling him to focus on his studies at Drexel University. This experience inspired him to create Scholly, a platform that could streamline the scholarship application process for students worldwide.
Products
Scholly offers a range of features and services to simplify the scholarship search process for students:
- Scholarship Search: Scholly’s database includes scholarships from various sources, making it a one-stop destination for students seeking financial aid. Scholarships can be filtered based on academic achievements, extracurricular activities, interests, and demographics.
- Personalized Matches: The app employs algorithms to match students with relevant scholarships, ensuring a more targeted search.
- Application Assistance: Scholly provides valuable guidance on writing effective essays, creating impressive resumes, and preparing for scholarship interviews.
- Deadline Reminders: The app sends timely notifications to ensure students never miss scholarship application deadlines.
- Tracking and Organization: Users can track the scholarships they’ve applied for, helping them stay organized and manage their applications efficiently.
- Additional Resources: Scholly offers access to educational resources, financial literacy tools, and college planning information, supporting students beyond the scholarship search.
Shark Tank Appearance
Christopher Gray’s appearance on Shark Tank during Season 6 was a turning point for Scholly. He sought a $40,000 investment in exchange for a 15% equity stake in the company, valuing Scholly at $2.67 million. The Sharks were captivated by the concept and the significant problem Scholly aimed to solve: the difficulty students face in finding scholarships.
Lori Greiner and Daymond John, recognizing the app’s potential, made a joint offer of $40,000 for a 15% stake in Scholly. This deal caused some controversy on the show, with other Sharks expressing frustration at not having the opportunity to compete for the investment. Despite this, Christopher Gray accepted Lori and Daymond’s offer.
Shark Tank Aftermath
Following the Shark Tank episode’s airing, Scholly experienced a surge in popularity, receiving 80,000 requests within hours. The app gained recognition from major media outlets like Forbes, Fortune Magazine, and Fox News. Christopher Gray’s vision and Scholly’s mission resonated with a broad audience.
Scholly quickly became the number one college scholarship app in app stores, with over 850,000 downloads. However, the transition from a $0.99 service to a subscription-based model sparked criticism from some users, who felt it created a financial barrier for financially struggling students.
Scholly’s Acquisition by Sallie Mae: A Transformative Shift
In a latest development, Scholly, the scholarship app that has been instrumental in helping students secure substantial financial aid, is undergoing a significant transformation through its acquisition by education lender Sallie Mae. This acquisition encompasses crucial Scholly assets, including the renowned scholarship app, advanced scholarship administration technology, and the innovative Scholly Offers platform.
One of the most noteworthy changes is that Scholly, which previously required a monthly subscription fee of $2.99, will now be available to all users for free under Sallie Mae’s ownership. This strategic shift underscores Scholly’s commitment to expanding scholarship opportunities for students and making higher education more financially accessible.
Scholly has a track record of forming impactful partnerships with influential entities, such as Amazon and Google, resulting in scholarships that support underrepresented communities in tech fields. The platform empowers users to search for scholarships based on various criteria, including location, GPA, and major, providing essential scholarship details.
In summary, Scholly’s acquisition by Sallie Mae marks a significant evolution in scholarship assistance, emphasizing its mission to provide greater accessibility to scholarships and alleviate the financial burdens of higher education for students nationwide.
Net Worth
As of 2023, Scholly is estimated to have a net worth of approximately $5 million. The app has continued to grow its user base and expand its services. Scholly has raised over $100 million in scholarship funds for students, solidifying its position as the world’s leading scholarship app.
Conclusion
Scholly’s journey from a student’s personal struggle to a thriving platform that helps thousands of students find scholarships is a testament to the power of determination and innovation. Christopher Gray’s appearance on Shark Tank and the subsequent partnership with Lori Greiner and Daymond John catapulted Scholly to new heights. While it faced challenges and criticism, Scholly’s mission to simplify the scholarship search process and support students in achieving their educational goals remains unwavering. With an estimated net worth of $5 million, Scholly continues to make a significant impact in the world of higher education by connecting students with vital financial resources.
FAQs
Who owns Scholly?
Scholly was created by Christopher Gray, the visionary founder who won $1.3 million in scholarships through determination and hard work. Recognizing the challenges and time-consuming nature of the scholarship search process, Christopher Gray founded Scholly to simplify and streamline the process for students. However, as of August 2023, Scholly has been acquired by education lender Sallie Mae.
How many downloads does Scholly have?
As of December 2016, Scholly had 850,000 users who had downloaded the app. This impressive number of downloads has helped connect students with a total of $50 million in scholarships. Please note that these numbers may have changed since then, so it’s a good idea to check the most recent statistics for Scholly if you want the current download figures.
Is Scholly only for American students?
Scholly primarily focuses on assisting American students who are studying at accredited colleges or universities in the United States. Unfortunately, Scholly does not currently support international students attending schools abroad. Therefore, international students outside the United States may not be able to apply for scholarships through the Scholly platform at this time.
What is the mission statement of Scholly?
The mission statement of Scholly is as follows: “At Scholly, our mission is to connect students and graduates with life-changing scholarships and other purpose-driven funds.”
Featured Image Credits: USA-Scholarships
