Who was the first female investor to serve as a Dragon on the British show Dragon's Den?

Rachel Elnaugh was the first female investor to serve as a Dragon on the British show Dragon's Den.

Elnaugh became one of the original investors when the British series launched in 2005. Before television, she founded Red Letter Days, a company selling experience gifts such as driving, leisure and adventure activities.

Her position on the first panel made her the programme's pioneering female Dragon. She appeared during the early series, when the format was establishing its distinctive approach to valuations, equity negotiations and investor rivalry.

Elnaugh is sometimes confused with Deborah Meaden because Meaden became one of the show's most enduring female investors. The distinction is chronological: Elnaugh was the first woman on the British panel, while Meaden joined later and remained associated with the programme for many years.