What Happened To The Scholly App From Shark Tank Season 6?

Scholarships help alleviate the financial burden that has become inherent to higher education. They cover tuition, textbooks, and living expenses, thus reducing the need for student loans. However, securing one can be highly competitive and challenging, with students often facing rigorous application processes that require exceptional academic records, extracurricular involvement, and compelling personal essays. Additionally, many scholarships have strict eligibility criteria, causing many to struggle to find the right opportunities that fit their backgrounds and educational achievements.

Birmingham, Alabama native Christopher Gray knew this situation very well since he also had to fight tooth and nail to secure his scholarship. As the eldest child of a single mother in a family of three kids, he learned early on that for him to get to college, he needed financial support through a scholarship. After spending seven months applying to every scholarship opportunity he could find, he managed to secure over $1.3 million in scholarships, allowing him to attend Drexel University in Philadelphia.

After experiencing firsthand the gaps in the scholarship system, Gray was inspired to develop a mobile app to simplify the process of looking for and applying for a scholarship. With the help of fellow Drexel student Nick Pirollo and fellow Coca-Cola scholar Bryson Alef, Gray made Scholly, an app he believed would significantly reduce the millions of dollars lost in unclaimed scholarship funds. Through Scholly, students would be able to access various financial aid opportunities. In a bid to grow the app, he appeared in "Shark Tank" Season 6 to ask for an investment.

In 2015, Gray entered the "Shark Tank" in Season 6, episode 17, seeking $40,000 in exchange for 15% equity in Scholly. He confidently presented his app, explaining how it curates legitimate scholarships and simplifies the application process for students across the country. The Sharks were immediately intrigued when Gray shared his personal success story of securing $1.3 million in scholarships and highlighted the staggering $100 million in unclaimed scholarship funds annually.

While Robert Herjavec and Mark Cuban, who is leaving "Shark Tank" in Season 16, got curious about the app's backend algorithm and wanted more detailed information, Lori Greiner quickly saw the potential in Scholly and offered Gray the full $40,000 for 15%. Daymond John also had the same feeling, so he joined Lori, offering to split the investment so they would contribute $20,000 each. The quick offer by the two led to heated discussions with the other Sharks and made for one of the most memorable confrontations in "Shark Tank" history.

After hearing Greiner and John's offer, Gray accepted the deal to secure the much-needed funding and expert support from the two Sharks to take Scholly to the national level. However, once he exited the tank, the Sharks continued their bickering. Herjavec, Cuban, and Kevin O'Leary criticized Greiner and John for allegedly making a charitable investment rather than a business-savvy one. The tension escalated when both sides tried to explain themselves, causing Herjavec to walk out of the set as he was frustrated with how the deal unfolded.

Not long after Gray's TV appearance, the deal he secured with Greiner and John officially closed. His partnership with the two Sharks propelled Scholly into the spotlight, instantly making it the number one app in both the Apple App Store and Google Play Store for over three weeks. The app was further recognized when it was named one of Inc. Magazine's Top College Start-Ups and won several prestigious competitions, including Under Armour's Cupid's Cup and Steve Case's Rise of the Rest.

At the same time, Gray's journey as the promising entrepreneur behind the scholarship app gained momentum. He was named Ernst and Young's Entrepreneur of the Year for Philadelphia in 2015. He was also featured in Forbes' 30 Under 30 list in 2016. In the same year, his app was downloaded over 850,000 times. Scholly's impact on students' lives then grew exponentially, as it helped them secure $50 million in scholarships at the time.

Interestingly, Scholly's influence extended beyond general users in the years after Gray's successful "Shark Tank" pitch. The company partnered with big organizations like Google to offer targeted scholarships, such as the Women of Color in Tech Scholarship. In 2021, Gray and his company collaborated with entrepreneur and investor Bryce Thompson to award $100,000 in Financial Freedom scholarships to 10 college students. Between 2022 and 2023, the company developed an in-app student debt payoff service, officially making it a comprehensive platform for scholarships and student loans.

In a full-circle moment, Gray returned to "Shark Tank" in Season 15, episode 18, which aired in March 2024. During the update segment, Gray announced that Scholly had been acquired by Sallie Mae, the largest government-backed student lender, in a multi-million dollar deal. This acquisition marked a significant milestone for his once simple vision of making scholarships accessible to every student, as it ensured the app would be provided to students for free, further broadening its reach and impact.

During the update segment, Scholly's impressive growth since its "Shark Tank" debut was highlighted. The app had generated over $30 million in revenue, amassed 5 million users, and helped students secure over $100 million in scholarships. Greiner and John expressed immense pride in Gray's achievements, with Daymond noting that his investment had increased over 40 times.

Following the acquisition, Gray took on a leadership role at Sallie Mae as Vice President, heading the new Education Services team. In this capacity, he is focused on enhancing Sallie Mae's scholarship search and education solutions products. Simultaneously, Gray launched a new venture, Path, an AI-powered platform for academic success and career readiness. His commitment to education and entrepreneurship also extended to his role as a board member at Camelback Ventures, an organization dedicated to funding entrepreneurs of color.

Overall, Gray not only changed his own life but also empowered millions of students to achieve their educational dreams. Based on his new ventures, he will likely continue with this student assistance-focused path for years to come.