Venture capitalist James Caan has joined the lineup for the new series of Dragons' Den.

The entrepreneur, who divides his time between London and Cannes, has been creating, building up and selling businesses for more than 20 years.

"I'm thrilled to be invited to be in one of the highly coveted 'Dragon' positions," said Caan, not to be confused with The Godfather actor of the same name. "I make a point of investing in people, as I'm a great believer that it is people who create a success in business through their passion and conviction."

Caan replaces Aussie dragon Richard Farleigh, who was dropped from the panel last month. The new series will begin filming shortly for transmission towards the end of the year.