Scholly is a college scholarship app that has provided a myriad of students with more than 100 million dollars. For students to find scholarships, they can install the app, join, and start matching with scholarships.
Due to a vast number of students having access to smartphones, the founders decided to make the app based on a smartphone as it would be easier for students to access it and use it to find scholarships.
Scholly Net Worth
In 2022, the net worth of Scholly is estimated to be between $200,000 and $300,000.
How Scholly Works
Students have to enter their criteria into the databases of the app and the app will recommend suitable scholarships for the students. The app filters through a list of eligible scholarships with links and deadlines based on a variety of characteristics, such as state, gender, and GPA.
Apart from that, Scholly makes it easier for students to manage deadlines and helps each student work through the process of applying for a scholarship.
The app is updated by the Scholly personnel with information related to scholarships every week. Therefore, this guarantees that the students always have access to up-to-date information regarding scholarships.
Scholly During Shark Tank
Christopher Gray, one of the founders of Scholly, entered Shark Tank seeking $40,000 in exchange for a 15% stake in the business. In his pitch, Christopher explained how the app functions and that it is compatible with both Android and iPhone operating systems.
Christopher Gray then stated that the app costs $0.99 in the app store and that there have been 92,000 downloads so far. Lori Greiner was very impressed by the concept, despite lacking several important facts regarding the business.
She offered $40,000 in exchange for a 15% stake in the business. Daymond John, who was also as equally impressed as Lori Greiner, made the same offer i.e. $40,000 in exchange for a 15% stake in the company. Christopher Gray then had to decide which Shark to work with that would provide the maximum benefit.
Lori Greiner then announced that she would collaborate with Daymond John, giving a 50/50 partnership, which meant that each Shark would pay $20,000 in exchange for a 15% stake in the company.
Mark Cuban, disagreeing with Lori Greiner and Daymond John, was enraged and shocked at how the two Sharks were offering deals without asking important questions about the business. Robert Herjavec also became enraged when Christopher Gray agreed to Lori Greiner’s offer, which included the collaboration with Daymond John.
What Happened to Scholly After Shark Tank Deal?
After the transaction was complete, Scholly got more than 80,000 requests for downloading the app in a matter of hours. The app has been downloaded by more than a million people and students have been given more than $100 million in scholarships.