Who was the first female investor to appear on the British television show Dragon's Den?

Rachel Elnaugh was the first female investor to appear on the British television show Dragon's Den.

Elnaugh was part of the original panel when the BBC programme launched in 2005. She was known as an entrepreneur in the retail and gift sector, having founded Red Letter Days, a company selling experience gifts.

Her appearance is sometimes mixed up with Deborah Meaden because Meaden became one of the programme's best-known female investors. Meaden joined later, in the third series, while Elnaugh was present from the beginning.

Elnaugh left the regular panel after the first series. The show subsequently featured several other female investors, including Meaden, Kelly Hoppen and Sara Davies, each with a different business background and investment style.