Rachel Elnaugh was the first female investor on the UK television programme Dragons' Den.
Elnaugh joined the original investor panel when the British series launched in 2005. She was known as an entrepreneur in the greetings-card industry and had founded Red Letter Days, a company selling experience gifts.
Her appearance was historically notable because the initial panel included a woman from the beginning rather than adding female representation only after the programme had become established. She appeared during the early series, before later female Dragons such as Deborah Meaden and Kelly Hoppen became familiar to viewers.
Elnaugh left the regular panel after the second series. Red Letter Days later experienced financial difficulties and was sold to Theo Paphitis and Peter Jones, a separate part of the company's history that is often mixed up with Elnaugh's time as an investor on the show.