Studying in a prestigious and big college or university is a dream for the maximum of youth. The financial burden which falls on the head of the parents is extreme. This in turn also raises the mental stress in the heads of the students and youth.
Most of the big universities have come up with a programme of scholarships that are given to meritorious students. However, the process of receiving the benefit is not that easy. It brings with it long documentation processes and unending complexities for the students. This issue was faced by Christopher Gray who came up with the idea of Scholly.
Scholly Net Worth
Christopher appeared in season 6 of Shark Tank. He made a pitch of $40000 in return for 15% of a stake or interest in his business. The valuation came to be $5 million and the sales which were generated on the Shark Tank were somewhere around $266,000.
On today’s date, it has successfully raised a fund of more than $100 million. This is the reason behind Scholly being the world’s largest Scholarship app. The retail sale of Scholly is around $10 million in the year 2023. With the passing years, it has developed and comes up with new policies which also include lifetime subscriptions.
About The Company And The Founder
Christopher Gray came up with the idea of Schooly, who is the founder of it. His life history made him understand the struggle and complications of getting any kind of financial aid from the universities. Coming from a financially weaker family background, It was very difficult for him to complete his studies at a reputed college as an entrepreneurship and finance student. After spending months looking for internships and other financial aid, Gray was successful in getting $1.3 million as a scholarship.
This gave him the idea of establishing the company, Scholly. His experience made him create a mobile app which would help the students acquire the maximum benefit of scholarship without getting into the politics and complexities of the universities. The main aim behind the development of this app was to simplify the process of a college application and getting a scholarship.
This mobile app was finally launched in 2013. It gave features through which legitimate scholarships can be acquired by thousands of students. It involves a simple process of filling up the form which is a customised list of information about the student. On today date, Scholly has received over $9 million as scholarship funds for the students.
The Shark Tank Journey
Gray had the vision to take the idea of Scholly internationally. He wanted to help and guide students all over the world to get scholarships in easy and simple steps. For this vision, he needed a big investment which made him pitch $40000 in exchange for 15% of the equity or share of the company in front of the Sharks.
The whole idea behind the setting up of the company was so noble that two of the sharks Lori G and Daymond John could not resist it. They accepted and closed the deal even without asking about the money and knowing about the current making of the company. They teamed up to invest $40000 in exchange for 15% of the share in the company.
Post Shark Tank Dynamics
After the shark time episode, Schollyl had reached extreme heights and rose to an impeccable level. The founder Gray was invited to the White House and also got the opportunity to meet big business figures including Bill Gates.
The idea behind this app and the company was also telecasted and were also featured in the biggest media outlets including Fox News, Forbes and many more. It has now become one of the most used apps for getting College Scholarships around the world with over 800,000 downloads.
Before the shark tank episode the app used to charge a minimal rate of $0.9 However after the shark tank investment it is now free which makes it one of the most used apps in the education field. over 850.
The growing pace of Scholly has led to it sharing the financial freedom award with the famous business figure Bryce Thompson and also got connected with Google and raised a fund of $10000.
Christopher Gray came up with the idea of Scholly.
The retail sale of Scholly is around $10 million in the year 2023.
Lori G and Daymond John shared the amount and closed the deal.
Christopher appeared in season 6 of Shark Tank.