Christopher Gray, founder of the scholarship app Scholly, recently made a return appearance on the TV reality show Shark Tank nine years after he made his first splash on the program, according to Forbes. The update showcased Gray’s company’s achievements and also unveiled significant scholarship announcements.
“We’re excited to be on the show again,” expressed Gray, who reflected on his journey since launching Scholly.
Last year, education lender SLM Corp, commonly known as Sallie Mae, acquired Scholly’s key assets for an undisclosed sum. The app has since been rebranded as Scholly by Sallie.
The Shark Tank update was filmed at Bayside High School in Queens, NY, where Daymond John, one of the Shark Tank judges and an investor in Scholly, presented $10,000 scholarships to seniors Giselle Rodriguez and Amir Theodile. The scholarships are supported by the Sallie Mae Fund, Sallie Mae’s charitable foundation.
Donna
Vieira, EVP and chief commercial officer at Sallie Mae, announced a $1 million commitment from the Sallie Mae Fund to the Thurgood Marshall College Fund. Their Bridging the Dream Scholarship Program aims to support students from underserved communities through various scholarships, addressing financial hurdles that often hinder graduation.Gray’s vision for Scholly stemmed from
his own experience as a scholarship recipient, where he secured $1.3 million to attend Drexel University. He leveraged his insights into creating Scholly, which has facilitated access to private scholarship opportunities, helping more than 5 million users and generating $30 million in revenues since its inception.Gray’s original Shark Tank appearance was met with skepticism from some judges, who questioned the philanthropic nature of the project. However, John and fellow investor Lori Greiner saw its potential, investing $40,000 for a 15% stake in the company.
Reflecting on his decision to invest, John highlighted the impressive return on his investment and emphasized its success.
Gray’s journey from scholarship recipient to entrepreneur exemplifies the transformative power of education. His commitment to leveling the playing field for fellow students continues to drive Scholly’s mission of accessibility and opportunity in higher education.