Five investors sat on the original Dragon's Den panel in the first series of the UK programme.
The initial panel consisted of Peter Jones, Duncan Bannatyne, Rachel Elnaugh, Doug Richard and Simon Woodroffe. Together they established the familiar visual and negotiating structure of the series: entrepreneurs stand before a row of investors and must defend their valuations, sales figures and growth plans.
The panel size is distinct from the identities of the investors. Several original members later departed, and replacement dragons joined in subsequent series. That turnover can make historical photographs or episode clips appear to show a different number or combination of investors.
The number also differs from some international versions, which may use their own panel arrangements. The UK series’ first panel specifically had five members, making “five” the relevant answer rather than the number of investors seen in later episodes or other countries’ adaptations.