Rachel Elnaugh was the first female investor, or “Dragon,” on the UK television show Dragons' Den.
Elnaugh joined the original investor panel when the BBC programme launched in 2005. Before appearing on television, she was known for founding Red Letter Days, a gift-experience company that sold unusual leisure and lifestyle experiences.
Her time on the panel helped establish the programme’s early investor lineup. She left the show after its first series, and Deborah Meaden later became one of its best-known long-term female investors. Because Meaden is more closely associated with the programme over many years, viewers sometimes mistakenly identify her as the first female Dragon.
Rachel Elnaugh’s appearance is also distinct from her business career: she was an original panel member, rather than a later guest or replacement investor.