Which investor replaced Simon Woodroffe on Dragon's Den after the first series?

Theo Paphitis replaced Simon Woodroffe on Dragon's Den after the first series.

Simon Woodroffe was one of the five original investors when the British programme began in 2005. After the first series, he left the regular panel. Theo Paphitis then joined the show, becoming one of its most recognisable early dragons and appearing alongside investors including Peter Jones and Duncan Bannatyne.

Paphitis is a British retail entrepreneur, best known for building business interests connected with high-street retail and for his involvement with Ryman. His retail experience gave him a particular perspective on consumer products, branding, distribution and the practical challenges of getting a product into shops.

The timing is the key evidence. Paphitis was not part of the original five, so he cannot be described as an original dragon. He also should not be confused with later replacements such as James Caan or Richard Farleigh. The specific succession from Woodroffe after series 1 identifies Theo Paphitis.