The ex-Millwall chairman, who is also a Smarta investor and board member, has helped fund countless start-ups and made the dreams of tons of entrepreneurs come true during his time in the hot seat.
"This has not been an easy decision or one that I have taken lightly," said Paphitis. "But with the workload involved in growing my exciting new lingerie brand Boux Avenue both in the UK and internationally, along with my recent purchase of the Robert Dyas retail chain and the running of 240 Ryman stationery shops, the time felt right to give up my seat, stop breathing fire and allow someone else to enjoy the wonderful experience."
Paphitis' time in the Den was filled with many memorable moments. Here are three investments that stood out for us:
Zapper - Paphitis broke the record for the highest individual investment in Dragons' Den history when he gave £250,000 to trading hub Zapper. The cash bought him a 30% stake in the start-up. Theo was impressed by the idea of a place where people can get cash for unwanted books, CDs and DVDs with minimal fuss.
Bog in a Bag - A stool that transforms into a toilet with the help of a hole and a degradable bag wasn't to everyone's taste, and the product caused quite a stir on Twitter and in the press. But Paphitis was won over by an excellent pitch from entrepreneur Kate Castle and bought himself 30% stake in the business for a cool £50,000 investment.
Magic Whiteboard- A joint investment between Paphitis and Meaden that grew into one of the most lucrative business investments in the history of the show. The Magic Whiteboard founders accepted £100,000 from the Dragons, for 40% equity in their business. Magic Whiteboard allows people to pop up a clingfilm-like white board surface on any flat area or wall - and it's rollable and wipe-able too.