Rachel Elnaugh was the original female investor on the British television show Dragon's Den when it launched.
The first British panel included Elnaugh alongside Peter Jones, Duncan Bannatyne, Simon Woodroffe and Doug Richard. Her inclusion meant that the original investor group was not entirely male, even though the panel's membership changed substantially over the following series.
Elnaugh was known for founding Red Letter Days, an experience-gift company. That entrepreneurial background gave her a direct connection to the kinds of consumer businesses presented by contestants. Her time as a regular Dragon belongs to the programme's early period.
Viewers sometimes name Deborah Meaden because she became the best-known long-serving female Dragon after joining later. Kelly Hoppen and Hilary Devey also appeared in subsequent line-ups. The wording “when the show launched” is important: it identifies the original panel, rather than asking which woman has had the longest association with later seasons.