Rachel Elnaugh left Dragon's Den after the second series and was replaced by Deborah Meaden.
Rachel Elnaugh is a British entrepreneur best known for founding Red Letter Days, a company selling experience gifts. She was one of the original investors on the British version of Dragon's Den, appearing in the programme's early panel alongside other launch-era dragons.
Elnaugh's departure helped create one of the programme's first significant panel changes. Deborah Meaden subsequently became one of the show's most recognisable investors, but she was not part of the original five-dragon line-up. This distinction is a common source of confusion because Meaden appeared early enough in the programme's history to be strongly associated with its formative years.
Red Letter Days itself later experienced financial difficulties and was bought by another company. Elnaugh's television role and her business history are therefore separate parts of the story: one concerns her position as an investor, while the other concerns the fortunes of the company she founded.