Which former Dragon's Den investor was the first woman to join the UK panel?

Rachel Elnaugh was the first woman to join the UK Dragon's Den investment panel.

Elnaugh appeared as an original dragon when the BBC series launched in 2005. She was known for founding Red Letter Days, a company selling experience gifts, and brought an entrepreneur's perspective to the panel rather than representing a conventional venture-capital fund.

Deborah Meaden is often given as the answer because she became the show's most prominent early female dragon. Meaden joined in the third series, after Elnaugh had already appeared in the first two series. Other women, including Kelly Hoppen and Sara Davies, joined much later.

Elnaugh left the programme after series two. Red Letter Days later encountered financial difficulties and was sold, with Peter Jones acquiring the business. That later business history is separate from the fact that Elnaugh was the first female investor on the British panel.