Rachel Elnaugh was the only woman among the original five Dragons on the British Dragon's Den.
Elnaugh joined the first investor panel when the programme launched in 2005. She was an entrepreneur associated with Red Letter Days, a company selling experience gifts. Her role on the panel made her one of the earliest prominent female investors in the British series.
The original lineup also included Peter Jones, Duncan Bannatyne, Simon Woodroffe and Doug Richard. Elnaugh later left the programme, and Deborah Meaden joined the panel in the following series. That change is why viewers sometimes remember Meaden as an original Dragon even though she was not part of the debut five.
The word “original” is important here: several women have subsequently served as Dragons, including Meaden, Hilary Devey and Jenny Campbell. Elnaugh is specifically the woman from the launch lineup, not the longest-serving female investor.