How much have the Dragons invested since the BBC show began?

With the 22nd season of BBC One’s Dragon’s Den having just started, Fuel Ventures, one of the most active venture capital firms in Europe, has calculated how much each ‘Dragon’ from the show has invested since the show began to the end of last season.

The VC firm aims to highlight the lack of financial impact the show has actually had on founders in the UK, and how it gives potential entrepreneurs ‘all the wrong ideas of investment and running a business’.

Over the past 21 seasons, nineteen Dragons have invested an estimated total of £15.5 million in companies.

In comparison, Mark Pearson, serial British entrepreneur and founder of Fuel Ventures, has been responsible for more than £220m of investment into more than 200 UK startups and growing companies – 16x more than all of the Dragons combined, since the show began in 2005. That figure could be as much as 30x more, considering the fact half of investments don’t actually go ahead.

Mark Pearson, founder of Fuel Ventures said, “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.

In 2013, I was approached to replace Hilary Devey on the Dragons’ Den 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.

“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.”