Rachel Elnaugh was the original female Dragon associated with founding Red Letter Days.
Red Letter Days sold experience gifts, such as driving, leisure, and entertainment packages, allowing customers to give an activity rather than a conventional physical present. Elnaugh founded the company in 1989, and it became a notable early example of an experience-based gifting business in Britain.
Elnaugh joined the original Dragon's Den investor panel when the UK programme launched. Her presence was significant because she combined experience in a consumer gifting company with the demands of evaluating early-stage businesses in front of a television audience.
Red Letter Days later encountered financial difficulties and was bought by the entrepreneur Theo Paphitis. That later ownership is why viewers sometimes associate the company with Paphitis, but the founder connected with the original business was Elnaugh.