The founder of Sibstar, a debit card and app for dementia patients and their families to securely manage their money, has raised £125,000 from Dragon’s Den investors Sara Davies and Deborah Maiden.
The BBC reality series features various aspiring entrepreneurs pitching their ideas in the hope of securing funding. Sibley appeared on the show on February 29 and presented her idea to help people with dementia and their families, drawing on her experience caring for two parents with dementia.
Meaden explained: “Jayne’s idea is so simple but has the power to change lives. I was impressed by how she took her own experiences and incorporated them into the development of an impressive financial services product that has already secured a strong foothold in a sector that is notoriously difficult to gain traction. I look forward to being part of the next stage of Sibstar’s exciting journey. Sibstar is the best kind of investment, one that has a cause and makes a big difference in people’s lives.”
Sibley launched Sibstar in March 2023 and received support from Mastercard. The debit card is designed to prevent accidental mismanagement of money, protect users from fraud, and support caregivers who bear the burden of managing their finances. The original card cost £4.99 per month, with 7.5% going to the Alzheimer’s Society, which also supported the venture.
Sibley commented: “Going into the Dragon’s Den was an extremely emotional experience. I started the company after my own parents struggled with money as their cognitive abilities declined. I had to talk about some very difficult times, but the dragons were very supportive and empathetic. Securing Sara and Deborah’s investment means a lot to me. Two of the most successful female entrepreneurs in the country not only recognized the potential of my company, but their contribution and support can only serve to make financial services more accessible to underserved groups in our society.”
Sara Davies added: “Unfortunately, more and more families will be affected by dementia in the coming years and it is vital that the business community prepares to serve a wider range of needs. I think many families out there will be extremely grateful.” I thank Jayne for taking on a common challenge for people with dementia and I look forward to being able to bring my experience to help those affected last longer to live independently.”
The Dragons offered Sibley £62.5k each for a 5% stake in their company.