Scholly Shark Tank Pitch
Scholly helps students find Scholarships to help pay for their college education. The app helps locate resources for potential scholarships that students would not otherwise find on their own.
There are so many scholarships that are not utilized because students don't know they exist. There are three partners in Scholly, and Christopher won $1.3 million dollars in scholarships. He had a great GPA, but he grew up with a single mother, and he couldn't afford to apply to some schools.
Scholly focuses on outside scholarships that are not institution focused. Over $100 million on scholarships go unclaimed. The app costs $.99 in the app store. They have 92,000 paid apps in less than a year, and he used the fact he won over $1.3 million. Lori Stops the pitch and makes an offer.
Scholly Shark Tank Episode Data
- Company: Scholly – Website
- Entrepreneur: Christopher Gray
- Ask: $40,000 for 15% equity
- Episode Season 6 Episode 620
- Companies in this episode:
- First Aired: 01/24/2014
- Deal: Daymond John and Lori Greiner $40,000 for 15% equity
What do the Shark Tank Investors say about Scholly?
- Mark Cuban – asks how many scholarships are in your database? He answers 10-20,000.
- Daymond John – tells Christopher that he wants to be part of this, having been raised by a single mother. Daymond offers the same $40,000 for 15%.
- Kevin O'Leary – asks if he wants a charity donation or do you want to build a business.
- Lori Greiner – offers $40,000 for 15% in the middle of his presentation. Christopher tells her that he would like to hear the other offers. She wants him to say yes. Lori comes back and says she wants an answer right now, and she doesn't care how they get it done. She loves what he is doing. Lori steps up and says she will do it together, and she demands they make a decision now. Christopher takes her deal.
- Robert Herjavec – asks Christopher how he updates the scholarships?
The Sharks end up in an all fight after hearing the deal when they were trying to listen to the deal. Mark Cuban, Kevin O'Leary and Robert Herjavec get up and walk out of the Tank. The question is, was it orchestrated, or a real walkout.
Scholly after Shark Tank
Scholly completed the deal with Daymond John and Lori Greiner. The pitch lasted about forty-five minutes and Robert did walk off the show. The company issued a series A funding round afterwards, but had to wait eight months for the episode to air. The app hit number one for two weeks straight in the app store after the show.