Rachel Elnaugh was the only woman among Dragon's Den's original five investors in 2005.
She joined the initial panel alongside Peter Jones, Duncan Bannatyne, Simon Woodroffe and Theo Paphitis. Elnaugh was known for founding Red Letter Days, a company selling experience gifts, and brought consumer-business experience to the investment room.
The wording “original five” is important. Dragon's Den later featured several prominent female investors, including Deborah Meaden and Kelly Hoppen, but they were not members of the launch panel. Looking at the first line-up rather than the complete history avoids confusing later additions with the original cast.
Elnaugh's career also illustrates the mixture of success and business difficulty often discussed around the programme. Red Letter Days entered administration in 2005 and was later acquired by Peter Jones. That history is separate from her status as an original Dragon.