Founder of Sibstar, which is a debit card and app for dementia patients and their families to safely manage their funds, has acquired £125,000 from Dragon’s Den investors Sara Davies and Deborah Maiden.
The BBC reality series reportedly sees a number of budding entrepreneurs pitch their startup ideas/concept for hopes of obtaining funding.
Sibley had made an appearance on the show on February 29th, 2024 in order to showcase her business idea to assist those suffering with dementia as well as their families, drawing from her personal experience caring for parents with dementia.
Meaden explained:
“Jayne’s idea is so simple, but has the ability to transform lives. I was impressed by how she’d taken her own lived experience and channeled it into making an impressive financial services product that’s already secured a foothold in a sector in which it’s notoriously difficult to achieve cut-through. I’m looking forward to being involved in the next stage of Sibstar’s exciting journey. Sibstar is the best kind of investment, one that has the an important reason to be and makes a big difference to people’s lives.”
Sibley had introduced Sibstar back in March 2023 and acquired backing from Mastercard. The debit card is meant to prevent unintentional mismanagement of funds, protect clients from fraudulent activities, as well as extending support to caregivers who bear the responsibility of taking care of their finances.
The first card had reportedly charged £4.99 per month with 7.5% going towards the Alzheimer’s Society, which has backed the initiative.
Sibley added:
“Going into the Dragons’ Den was a hugely emotional experience. I founded the business after experiencing my own parents’ struggles with money as their cognitive abilities declined. I had to open up about some very difficult times, but the Dragons were very supportive and empathetic. Securing investment from both Sara and Deborah means the world to me. Not only have two of the most successful female entrepreneurs in the country recognised the potential in my company, but their input and endorsement can only serve to make financial services more accessible for underserved groups in our society.”
Sara Davies remarked:
“In the coming years, sadly, more and more families will be affected by dementia and it’s critical that the business community gears up to serve a wider variety of needs. I think many families out there are going to be extremely grateful to Jayne for addressing a common challenge for people with dementia, and I’m excited to offer the benefit of my experience to help those affected live independently for longer.”
The Dragons each provided Sibley £62,500 for a 5% share in her venture.