Who was the first female investor to serve as a dragon on the UK series Dragon's Den?

Rachel Elnaugh was the first female investor to serve as a dragon on the UK series Dragon's Den.

Elnaugh joined the original panel when the British programme launched in 2005. Her background was in retail entrepreneurship: she co-founded Red Letter Days, a company selling experience gifts, with her then-husband, James Elnaugh.

Her position on the initial panel made her an important part of the programme's early identity. She left after the first two series, and later female investors, including Deborah Meaden, Kelly Hoppen and Sara Davies, became more familiar faces on the show.

A frequent error is to name Deborah Meaden because she is one of the programme's most recognisable female dragons and served for many years. However, Meaden joined later. Rachel Elnaugh is the correct answer when the question asks specifically about the first female member of the UK panel.