Who was the first woman to serve as a Dragon on the BBC series Dragon's Den?

Rachel Elnaugh was the first woman to serve as a Dragon on the BBC series Dragon's Den.

Elnaugh was an entrepreneur associated with the early British panel. Her presence helped define the programme's original investor group and made her one of the first female business figures audiences saw negotiating with entrepreneurs in the den.

She was best known in the programme's early years for her business background and direct investment style. Her time on the panel ended after the early series, while later seasons introduced other prominent female Dragons, including Deborah Meaden and, much later, Sara Davies.

The answer is sometimes confused with Deborah Meaden because Meaden became one of the show's most recognisable and longest-serving female investors. However, Elnaugh appeared first in the British programme's chronology.