Total amount raised
$60 Thousands
Latest funding date
12/01/2017
Location
Scholly has successfully raised funds through a Seed round, with notable investors such as Revolution’s Rise of the Rest Seed Fund and Revolution. The platform is dedicated to simplifying the process of finding and applying for scholarships, making higher education more accessible and affordable for students.
Keep reading to explore the intricacies of Scholly's fundraising journey and the investors backing this innovative platform.
What Is Scholly?
Scholly, founded in April 2013 by Christopher Gray, Nicholas Pirollo, and Bryson Alef, is headquartered in Philadelphia, Pennsylvania. The company operates within the education, finance, and mobile apps industries, focusing on helping students find and win scholarships.
With a small team of 1-10 employees, Scholly offers products like Scholly Search, Scholly Offers, and Scholly Payoff to assist students in managing their educational finances. The platform has gained recognition for its value in the education finance sector and was acquired by Sallie Mae, highlighting its growth and potential for further expansion.
How Much Funding Has Scholly Raised?
- Seed Round
- Amount Raised: $20K
- Date: May 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Scholly's scholarship search platform.
- Seed Round
- Amount Raised: $40K
- Date: February 2015
- Lead Investors: Daymond John, Lori Greiner
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the app's features and expand its user base.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: June 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources without diluting equity.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: December 2017
- Lead Investors: Revolution’s Rise of the Rest Seed Fund, Revolution
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
Total Amount Raised: $60K
Current Valuation: Not publicly disclosed
Key Investors
- Revolution’s Rise of the Rest Seed Fund
- Details: Revolution’s Rise of the Rest Seed Fund focuses on investing in startups located outside of Silicon Valley, New York City, and Boston. It aims to support entrepreneurs in underrepresented regions across the United States.
- Investment Focus Areas: Startups, underrepresented regions, technology.
- Notable Investments: Various startups across the United States.
- Revolution
- Details: Revolution is a venture capital firm that invests in companies leveraging technology to disrupt existing industries. It is known for backing high-growth companies across various sectors.
- Investment Focus Areas: Technology, high-growth companies, disruptive industries.
- Notable Investments: Multiple high-growth companies across various sectors.
- Daymond John
- Details: Daymond John is a well-known entrepreneur, investor, and television personality. He is the founder of the clothing brand FUBU and a prominent investor on the television show "Shark Tank."
- Investment Focus Areas: Consumer products, fashion, technology startups.
- Notable Investments: Bombas, Bubba's-Q Boneless Ribs, Sun-Staches.
- Lori Greiner
- Details: Lori Greiner is an inventor, entrepreneur, and television personality known as the "Queen of QVC." She is also an investor on "Shark Tank."
- Investment Focus Areas: Consumer products, innovative and practical products, retail and QVC-marketable products.
- Notable Investments: Scrub Daddy, Squatty Potty, Simply Fit Board.
What's Next for Scholly?
Scholly's future looks promising as it continues to leverage its recent $40,000 private equity funding to expand its adaptive scholarship app. This funding, secured from investors Daymond John and Lori Greiner, provides a significant opportunity to enhance the app's features and increase its user base.
As Scholly grows, it may attract further investment, allowing for additional development and market penetration. However, the company will need to navigate challenges such as competition in the scholarship app market and maintaining user engagement. With strategic planning and continued innovation, Scholly is well-positioned to capitalize on these opportunities and overcome potential obstacles.
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