The current Dragons’ Den panel (BBC)
A VC firm has established just how much each dragon has invested since the TV show began, reports JULENA DRUMI
As the fledgling entrepreneurs enter the den they get a first glimpse, not only of the formidable five, but of the piles of cash on each of their side tables. It’s a taste of the wealth the dragons have at their disposal to invest in the candidates they think might help make the pile grow even higher.
Over the years, however, there have been panelists on the BBC’s Dragons’ Den with an approach to backing these young businesses that often seems a little harsh and abrupt. It was Duncan Bannatyne who perfected the line of rejection with his dismissive: “I’ll not be investing in your company. I’m out.”
That said, the Scottish fitness clubs entrepreneur was in the top half of all those who have invested in the show’s 21 seasons. And that begs the question: how much have they each actually invested, and who’s put up the most money?
With the 22nd season of BBC One’s Dragons’ Den having just started, Fuel Ventures, one of the most active venture capital firms in Europe, has done the sums.
Nineteen dragons have invested about £15.5 million, with Peter Jones turning out to be the most generous with more than £3m committed, while Sara Davies has invested most per deal at just under a quarter of a million.
Mark Pearson, the serial British entrepreneur and founder of Fuel Ventures who turned down a role in the Den, believes the show gives the wrong ideas about investment and running a business.
He rose from living on a council estate to being responsible for more than £220m of investment into more than 200 UK startups and growing companies, an average investment of £1.1m per deal. That’s 16x more than all of the dragons combined, since the show began in 2005. That figure could be as much as 30x more, considering many of the investments don’t actually go ahead.
His comments would be challenged by those who say that it takes investment seriously, but is also intended to entertain the viewers in a short interview format that gives an insight into the sort of thought processes an investor goes through – and hopefully sets the lucky recipients on their way to greater things.
Mark Pearson: wrong idea
Mr Pearson insists it gives the wrong impression about business. “I’m not sure I could have had the impact I’ve had if I’d been a dragon. I now believe the show is damaging, and gives potential entrepreneurs all the wrong ideas about investment and running a business.”
He reveals that in 2013, he was approached to replace Hilary Devey on the panel.
“I was in my early 30s at the time and would have been the youngest investor on the show. I had already started to invest millions in UK startups, holding regular hackathons in London and supporting entrepreneurs.
“The process was fascinating, from the various conversations about my council estate upbringing to the test filming in my house. I’d done a fair bit of TV, from Channel 4’s Secret Millionaire to even once giving somebody a job live on BBC Three’s Up for Hire Live, so I was definitely interested, but I was in the early process of selling my company at the time, and I had to prioritise that.”
He adds: “Founders need more than just a name on a cheque – they need an investor who understands the challenges of building a business from the ground up.
“It’s not just about capital; it’s about strategic guidance, opening doors, and being there when things get tough. A real investor brings experience, insights, and a genuine commitment to helping founders succeed, not just watching from the sidelines.”
How much have the dragons invested?
| Dragon | Total Investment (£) | Number of Investments | Average Investment per Deal (£) |
| Peter Jones | 3,050,499 | 78 | 115,500 |
| Deborah Meaden | 2,643,001 | 37 | 112,437 |
| Touker Suleyman | 1,615,666.67 | 37 | 59,956 |
| Sara Davies | 1,534,000 | 23 | 249,583 |
| Steven Bartlett | 1,491,500 | 30 | 51,841 |
| Theo Paphitis | 1,449,167 | 8 | 181,145 |
| Duncan Bannatyne | 745,000 | 12 | 62,083 |
| James Caan | 724,167 | 4 | 181,042 |
| Tej Lalvani | 599,167 | 4 | 149,792 |
| Jenny Campbell | 320,000 | 2 | 160,000 |
| Nick Jenkins | 315,000 | 2 | 157,500 |
| Piers Linney | 280,000 | 2 | 140,000 |
| Richard Farleigh | 205,000 | 2 | 102,500 |
| Kelly Hoppen | 130,000 | 2 | 65,000 |
| Hilary Devey | 117,500 | 2 | 58,750 |
| Rachel Elnaugh | 114,000.00 | 2 | 57,000 |
| Sarah Willingham | 100,000 | 2 | 50,000 |
| Doug Richard | 85,000 | 2 | 42,500 |
| Simon Woodroffe | 75,000 | 1 | 75,000 |
| Total | 15,593,668 | 252 | 109,033 |
| Source: see notes to editors | |||
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