Which original female investor appeared on the first series of Britain's Dragons' Den?

Rachel Elnaugh was the original female investor who appeared on the first series of Britain's Dragons' Den.

Elnaugh was part of the launch investor panel when the British programme began in 2005. She was known as an entrepreneur and business investor, bringing experience from the Red Letter Days gift-experience company to the den.

Deborah Meaden later became a prominent female Dragon, but she joined in the second series rather than the first. That timing is the main source of confusion when identifying the original female investor. Other women, including Kelly Hoppen and Hilary Devey, appeared in later panel eras.

Elnaugh’s appearance belongs to the programme’s initial format, when the panel was establishing its personalities and the audience was learning the rules of pitching for equity. Her role is therefore a launch-era fact, not a description of the current panel.