Scholly Shark Tank Update

Scholly Shark Tank Update

During his time as a student, Christopher Gray, Scholly’s founder, won an estimated $1.3 million dollars in scholarships. While applying for these scholarships, Chris learned the process was difficult and time-consuming, which discouraged many students from applying.

To make finding and applying for scholarships easier, Chris created Scholly, a smartphone app. The app matches students to relevant scholarship opportunities according to their profiles. It also provides tips and prompts that help students write compelling applications.

After nearly 90,000 downloads in a year, Chris went to Shark Tank for an investment to improve the Scholly app.

Scholly Shark Tank Profile

Scholly Shark Tank Profile

Here’s the company profile of Scholly in short. 

Company nameScholly
Year founded2014
Founder Christopher Gray
ProductCollege scholarship finding smartphone application
Was Scholly on Shark Tank?Yes
Scholly Shark Tank episode (US)Season 6, Episode 20
Episode air date20th February 2015
Where can you watch itAmazon Prime, Hulu
Investment asked for$40,000 for a 15% stake in the company
Investment received$40,000 for a 15% stake
Sharks who investedDraymond John and Lori Greiner
HeadquartersPhiladelphia, Pennsylvania, United States
Downloads850,000
Business statusIn business
Total amount won in scholarship funds$100 million
WebsiteVisit website
Get the Mobile AppApp Store, Play Store
Watch onPrime Video, YouTube

Scholly Shark Tank update – New products

Since the pitch at Shark Tank, Scholly has added new products besides the scholarship search. These new products include resources that facilitate students’ academic life.

  • Scholly Editor: One of the new products is called Scholly Editor. This editor is better than typical editors because it uses artificial intelligence to aid students who want to elevate their essay writing skills to the next level.
  • Scholly Math: The other product is Scholly Math. This tool can interpret any math question and provide a clear step-by-step guide to solve the problem.
Scholly

Scholly Shark Tank update – Collaborations

Over the years, Scholly has sought to collaborate with celebrities and organizations to sponsor students. In 2018, they partnered with a popular television known as ‘Grown-ish’ to create the Scholly-Grownish scholarship fund. 

The Scholly-Grownish scholarship fund gave more than $125,000 to help students pay their tuition loans. In 2019, Scholly also collaborated with celebrated country rap sensation Lil Nas X to offer $30,000 in scholarship funds to three lucky winners. 

Scholly also partnered with Graduate Hotels in 2019 to create a $150,000 scholarship competition. The competition awarded its three winners $50,000 each to pay their student loans.

In mid-2022, Scholly partnered with the ‘I Believe Foundation’ to offer $10,000 in scholarship money. The ‘I Believe Foundation’ scholarship fund is divided among five winners, each receiving a $2,000 scholarship.

What happened to Scholly after Shark Tank?

Immediately after Scholly’s Shark Tank aired, the app experienced a massive increase in downloads, gaining more than 100,000 new users. Scholly’s tech team had to work round the clock to keep it running while receiving thousands of new users daily. 

Scholly also received a massive social media boost after Shark Tank. To illustrate this, the app gained more than 13,800 likes on its Facebook page between 2015 and 2016. Scholly’s social media presence has continued to grow steadily ever since, and today, its Facebook page has close to 32,000 likes.

Since appearing on Shark Tank, Scholly has accumulated over 850,000 downloads on Google’s Play Store and the iOS App Store. According to Crunchbase, the app gains over 20,000 new downloads monthly.

What happened to Scholly after Shark Tank

After more than 6,000 reviews, the Scholly app has a 3.7-star rating on the iOS App Store. The app fares slightly better on the Google play store, where it has a 3.9-star rating after 3,210 ratings.

Chris Gray won Ernst and Young’s coveted Entrepreneur of the Year award in 2015 because of Scholly’s success and was named one of Forbes’ Top 30 under 30 in 2016. Gray was awarded the 2016 Smithsonian Award For American Ingenuity.

These awards brought a lot of media attention to Scholly, increasing the brand’s recognizability. Magazines and news outlets that have featured Scholly after Shark Tank include;

  • Smithsonian Magazine
  • Good Morning America
  • CNN
  • Forbes
  • USA Today
  • Fox News
  • Fortune Magazine

In 2016, the Smithsonian Magazine reported that due to Scholly’s success after Shark Tank, Chris Gray had been invited to the White House on two occasions. The magazaine further reported that Chris met with Microsoft’s philanthropic billionaire founder, Bill Gates as well as popular reality TV host Oprah Winfrey.

According to Scholly’s website, the application has helped hundreds of thousands of students win scholarships to various top colleges. Today, the total amount of scholarship money won on the platform exceeds $100 million.

Scholly’s net worth

During Chris Gray’s pitch on Shark Tank, he asked for $40,000 for 15% of Scholly, valuing the company at $267,000. Due to its continued growth, anyone looking to buy Scholly today must meet its $5 million valuation.

Scholly sales data

Though sales data is not readily available, Scholly reports that its user base has grown to over three million since appearing on Shark Tank. 

Is Scholly profitable?

When Chris pitched Scholly on Shark Tank, he explained that the app cost 99 cents to download from the App Store and Play Store. Since then, Scholly has been updated and made free to download. 

Though the Scholly update made it free to download, you have to subscribe to access its full functionality after the three-day trial period. A one-month subscription costs $4.99, while six months will cost you $24.99, and a year’s subscription will cost you $34.99.

Is Scholly profitable

Even though Scholly is free to download, it’s safe to assume that the subscription fees from hundreds of thousands of users make the app very profitable.

If you’re interested in more Shark Tank updates, be sure to check out our articles on Manscaped and Millet Tots. Our Manscaped Shark Tank update features the male grooming company that gained the support of the Sharks with their innovative products. Additionally, our Millet Tots Shark Tank update showcases the healthy and delicious alternative to traditional tater tots. Discover the stories behind these entrepreneurs and their experiences on Shark Tank.

Wrapping up

Scholly has experienced significant growth after Shark Tank, gaining hundreds of thousands of users. The company continues to enjoy positive media coverage, while Chris Gray has won numerous awards. With over $100 million in scholarships won by students so far, Scholly is a resounding success.

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