Which business did Rachel Elnaugh found before becoming an investor on Dragon's Den?

Rachel Elnaugh founded Red Letter Days before becoming an investor on Dragon's Den.

Red Letter Days is a British experience-gift business. Instead of selling only a physical object, the company offered customers vouchers or packages for activities and memorable experiences, a model that helped make experience gifting more visible in the UK.

Elnaugh’s entrepreneurial background made her a natural fit for the Dragon’s Den panel. She could assess pitches from the perspective of someone who had built a consumer-facing company and dealt with marketing, sales and operational growth.

Red Letter Days is sometimes confused with other British gift-voucher brands, especially businesses that later entered the same experience market. The key identification is Elnaugh’s association with founding Red Letter Days, not with a company she merely invested in on television.