Dragon's Den Backs Dementia-Focused Financial App Sibstar

Published about 2 months ago

The founder of Sibstar, a debit card and app designed to securely manage funds for dementia patients and their families, has secured £125k investment from Dragon’s Den investors Sara Davies and Deborah Meaden.

A Reality Show Turned Investment Opportunity

The investment came as part of the BBC reality series Dragon’s Den, where entrepreneurs pitch their ideas in hopes of securing funding. Sibstar’s founder, Jayne Sibley, showcased her product on the show on February 29th, offering a solution born from her own experience of caring for two parents with dementia.

Meaden was impressed by Sibley’s idea, stating that it was “simple, but has the ability to transform lives.” She also praised Sibley’s ability to channel her personal experience into a financial product that has already secured a foothold in a notoriously difficult sector.

Sibstar’s Journey

Sibstar was launched in March 2023 with backing from Mastercard. The debit card is designed to prevent unintentional mismanagement of money, protect users from fraud, and support caregivers who often bear the financial responsibilities. The original card was priced at £4.99 a month, with 7.5% of the fee going to Alzheimer’s Society, a venture supporter.

Sibley described her Dragon’s Den experience as “hugely emotional,” but also an affirmation that some of the country’s most successful entrepreneurs recognized the potential in her company. This endorsement will contribute to making financial services more accessible for underserved groups, Sibley believes.

A Solution for an Increasing Need

Sara Davies echoed the sentiment, stating that as dementia affects more families in the coming years, business communities need to gear up to serve a wider variety of needs. Sibstar addresses a common challenge for people with dementia and their families, and Davies is “excited to offer the benefit of her experience to help those affected live independently for longer.”

The Dragon’s Den investors each offered Sibley £62.5k for a 5% share in Sibstar, marking a significant milestone in the company’s journey.