Her publicist revealed on Sunday that the English businesswoman and entrepreneur died in Morocco on Saturday after a long illness.
Ms Devey received an OBE in 2013 for her contributions to the transport business and philanthropy.
Before leaving to anchor the Channel 4 programme The Intern, she was recognized for her appearances on the long-running BBC investment show Dragons’ Den.
“So sad to learn of the demise of the lovely Hilary Devey,” fellow ‘Dragon’ Theo Paphitis said of Ms Devey.
“May she rest in peace, she left us all with some beautiful memories.” My heartfelt condolences go out to her family.”
“So young,” Duncan Bannatyne said in response to the news. Too inexperienced. “Hilary, may you rest in peace.”
Pall-Ex, a palletized freight network that expanded into an international network with a total turnover of over £100 million, was founded by Ms Devey.
Between 2011 and 2013, she appeared on Dragons’ Den alongside other investors Peter Jones, Theo Paphitis, Duncan Bannatyne, and Deborah Meaden.
Ms Devey stated she was happy to “play my part” in supporting the next generation of UK entrepreneurs “at a time when the banks are failing to invest in British small enterprises” when asked about her participation in 2011.
“I had to sell my house and car to get the start-up funds essential to fulfill my company objectives in the mid-nineties,” she continued, “because none of the banks understood my potential.”
“I would have delighted to have appeared before the Dragons, and while deciding whether to assist – or reject – the fledgling entrepreneurs joining me in the Den, I will remember my own experiences and the reality of running a firm today.”
Duvalay, a premium mattress company run by husband and wife pair Liz and Alan Colleran, was one of her Dragons’ Den investments.
Ms Devey also worked for a number of charities, including The Carers Trust, where she was vice president, and The Stroke Association and Fresh Start – New Beginnings, where she was a patron.