Which former Dragon became the first female investor on the British TV show Dragon's Den?

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Rachel Elnaugh became the first female investor on the British TV show Dragon's Den.

Elnaugh was one of the original Dragons when the BBC programme launched in 2005. Her appointment gave the first panel a woman investor from the outset, before later female Dragons such as Deborah Meaden, Kelly Hoppen and Sara Davies joined the programme.

She was known as an entrepreneur and business mentor, and she founded the gift company Red Letter Days. The company became a prominent example of a fast-growing consumer business, although it later encountered serious financial difficulties and entered administration.

Elnaugh left the Dragon's Den panel after its early series. Her departure is why she is sometimes overlooked in lists of the show's female Dragons, which often focus on Meaden because of her much longer tenure.

Source: Wikipedia · fact-checked Oct. 2026

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