Which Dragon was the first woman to join the UK Dragons' Den investment panel?

Rachel Elnaugh was the first woman to join the UK Dragons' Den investment panel.

Elnaugh appeared as an original Dragon when the British version began in 2005. She was an entrepreneur best known for founding Red Letter Days, a company selling experience gifts such as driving, flying and leisure activities.

Her time on the panel ended after the first series. The businesswoman was replaced for the next series by Theo Paphitis, who became one of the show's most recognisable early investors. Deborah Meaden later became another prominent female Dragon, but she was not the first woman on the UK panel.

The wording can cause confusion because several women have served as Dragons over the programme's history. Rachel Elnaugh's distinction refers specifically to the UK adaptation and to being part of its original investment panel, rather than to the first female Dragon in every international version of the format.