Which British entrepreneur was the first female investor to appear on Dragon's Den?

Rachel Elnaugh was the first female investor to appear on the British programme Dragon's Den.

Elnaugh was part of the original five-Dragon panel when the BBC series began in 2005. Her business background included the gift and retail company Red Letter Days, which she co-founded and helped develop into a prominent experience-gifting brand.

Her participation predates Deborah Meaden's arrival in 2006, so the two investors are sometimes mixed up when people recall the show's early female Dragons. Elnaugh appeared in the first series, while Meaden joined the regular panel later and became the longer-running female presence.

The phrase “first female investor” refers to the British television series, not to every international adaptation of the format. The programme's original panel also included Peter Jones, Duncan Bannatyne, Doug Richard and Simon Woodroffe.