Rachel Elnaugh became a Dragon on the British television programme Dragons' Den after founding Red Letter Days.
Elnaugh established Red Letter Days, a company selling experience gifts, and became one of the original investors when the British series launched. Her business background made her a notable member of the first panel, which also included Peter Jones, Duncan Bannatyne, Doug Richard and Simon Woodroffe.
Red Letter Days later encountered financial difficulties and went into administration in 2005. The brand and assets were subsequently acquired by Peter Jones, another Dragon on the programme. This business connection is one reason Elnaugh's Dragons' Den career is often discussed alongside the show's early history.
Elnaugh left the panel after the first series. She is distinct from Deborah Meaden, who joined later and became one of the programme's longest-serving investors.