The founder of one of the UK’s most active venture capital firms says Dragons’ Den is “damaging” to potential entrepreneurs and “gives them all the wrong ideas about investment and running a business”.
Mark Pearson, founder of FUEL Ventures, claims that his VC firm has invested £220m through 200 deals, with an average investment of £1.1m.
By comparison, since the BBC show started in 2005, 19 Dragons have invested an estimated total of just £15.5m in companies. You can see the full breakdown per Dragon further down.
The 22nd series in the Den started recently. The figures do not include these episodes.
FUEL Ventures has therefore invested 16x more than all of the Dragons combined – and it claims that figure could be as much as 30x more, considering the fact half of investments don’t actually go ahead.
Pearson says this highlights the lack of financial impact the show has actually had on founders in the UK.
“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,” said Pearson (below).
“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.”
| 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 | 1,615,667 | 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 | 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 |
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