Which Dragon was the first woman to invest on the UK series Dragons' Den?

Rachel Elnaugh was the first woman to invest on the UK series Dragons' Den.

Elnaugh appeared in the original investor line-up when the BBC adapted the business-pitch format for British television. Her presence was significant because she joined a panel otherwise dominated by male entrepreneurs during the programme's initial era.

Before television, Elnaugh had founded Red Letter Days, a business selling experience gifts. That background gave her direct experience of building a consumer brand, marketing unusual products and managing a company whose value depended heavily on customer demand and fulfilment.

Deborah Meaden is often given as the answer because she became the show's best-known female Dragon and joined soon after the original series. However, Meaden was not the first woman on the UK panel. The distinction belongs to Elnaugh, who was part of the initial Dragons' line-up.