Rachel Elnaugh was the first female investor, or “dragon,” on the British television series Dragons' Den.
Elnaugh appeared in the programme’s original investor lineup when Dragons' Den launched in the United Kingdom in 2005. She was known for her experience in retail and branding, particularly through Red Letter Days, the experience-gift company she co-founded.
The programme’s investor panel changed substantially over time, which can make the title easy to confuse with later female dragons. Deborah Meaden became one of the show’s best-known long-term investors after joining the panel in the second series, while Sara Davies and Kelly Hoppen joined much later.
Rachel Elnaugh left Dragons' Den after the second series. Her appearance remains significant because she helped establish the format’s early panel and became the first woman to invest in businesses on the British version.