Who was the original female Dragon's Den investor replaced by Deborah Meaden?

Rachel Elnaugh was the original female Dragon's Den investor replaced by Deborah Meaden.

Elnaugh was one of the five investors in the first British series. She was known for founding Red Letter Days, a company selling experience gifts, and brought experience in consumer businesses and entrepreneurship to the panel.

After the early series, Deborah Meaden took her place as the programme's principal female dragon. Meaden later became one of the show's most recognisable investors, but she was not part of the original series one panel.

The change can create confusion because both women became prominent figures associated with the programme. The important distinction is chronological: Elnaugh belonged to the original investor line-up, while Meaden joined the panel afterward.