Founder of Shark Tank-backed startup Scholly sues his acquirer Sallie Mae

When Chris Gray sold his Shark Tank-backed scholarship search startup Scholly to Sallie Mae in 2023, he thought he had it all. Now he’s suing the student loan giant for wrongful termination and alleging that it’s selling the data his app collected, which includes personal info on minors, without properly informing users. 

Gray co-founded the company a decade prior with the hope of helping students more easily find college scholarships that were going untapped. Within two years, he nabbed Sharks Daymond John and Lori Greiner as investors after an appearance on the show.