Which company did Rachel Elnaugh found before becoming an investor on Dragons' Den?

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

Red Letter Days was a British experience-gift company. Instead of focusing on conventional physical presents, the business sold vouchers and packages for activities and memorable experiences, a model that became increasingly familiar in the UK gift market.

Elnaugh's experience building that company formed an important part of her business profile when she joined the early Dragons' Den panel. It also explains why she was associated with entrepreneurial and consumer-focused investment stories on the programme.

Red Letter Days later encountered financial difficulties and entered administration in 2005. Theo Paphitis subsequently acquired the company and helped revive it. That later history can cause confusion, but Elnaugh remains the founder associated with the company's creation.