The high costs of college force students and parents to take out loans and take on debt, and some can’t even afford to apply. Scholarships are a great alternative, but most students don’t even know where to find them. That’s why Christopher Gray has come up with a mobile app that connects students with the scholarships they qualify for. Will the sharks offer Christopher a deal on
Shark Tank Scholly Update
- Entrepreneurs: Christopher Gray
- Business: Scholarships mobile app
- Ask: $40,000 for 15% equity
- Result: $40,000 for 15% equity
- Sharks: Lori Greiner and Daymond John
In his presentation, Christopher explained that millions of dollars in scholarships go to waste every year, because students don’t even know they exist. His mobile app, Scholly, asks the user questions and then matches them with a list of scholarships they can apply for. He said he was passionate about helping students find the money they needed so they could attend the school of their dreams.
The company makes most of its money in app-store fees. It costs $0.99 and is available for Apple and Android devices. In the first year, Scholly generated 92,000 downloads. This impressed the sharks but they still had questions they wanted answered.
Lori Greiner had already heard enough and wanted to make the exact offer that Christopher was looking for. She offered him $40,000 for 15% equity, which almost seemed too good to be true. Christopher held off on accepting Lori’s offer, despite the fact that it was exactly what he was asking for. Daymond John quickly made the exact same offer.
Daymond and Lori were originally competing to try and secure a deal with Christopher, but they ultimately teamed up. They offered to go in 50/50 for 15% equity and he accepted their offer. What happened next for this mobile app company? Keep reading our Scholly update to find out!
We have great news to share in our Scholly update! The company is still in business and millions of smartphone users have downloaded the app. The greater success may be the fact that millions of dollars in scholarships have been awarded to students over the years, which is a wonderful thing. You can find out more about the company on the Scholly website.
Would you like to find out more about the other companies featured on Season 6 Episode 20? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!