GUEST COLUMN:
Lucy Cohen
CEO
Mazuma
When I founded Mazuma in 2006, I was just 23 and wanted to offer small businesses an easier way to do their accounts. It happened to be the world’s first subscription-based accounting service — and back in the days before cloud software, that was quite something. But instead of support, I encountered hostility.
At that time, the industry didn’t want to hear from someone like me. And despite growing steadily and creating jobs, it took 13 years before anyone thought our business was worth investing in. We were revenue-generating, had proven demand, and were innovating. But we were still overlooked.
Eventually we secured a small round of investment from the Development Bank of Wales to build our MVP. Then, around 18 months ago, we received investment from the Cardiff Capital Region-backed Innovation Investment Capital fund. That funding has been crucial in allowing us to build our in-house tech team and take control of our product roadmap — but the support hasn’t just been financial.
This is where CCR has stood out. They didn’t just hand over the money and disappear. We’ve had open conversations, the chance to ask questions without fear of sounding inexperienced, and access to people who’ve helped us navigate unfamiliar territory. When you’re building a business from scratch, particularly if you haven’t been in those investment rooms before, you often don’t know what you don’t know.
And that’s the thing — growing a business is not just about securing funding. It’s about what happens next. How you handle corporate governance, how you engage lawyers, what timelines to expect. Support with all that can be as important as the investment itself.
It’s easy to underestimate how many barriers female entrepreneurs still face. I’ve never once been invited on a golf day – and we know that this is still where so many business conversations happen. I didn’t grow up in a business family or have access to the networks where deals get discussed. I’ve been in countless rooms where I’ve been the only woman, and I’ve had to use enormous amounts of energy just to get through the door.
Even today, many women are held back by unpaid care responsibilities and by working cultures that don’t accommodate them. I chose not to have children, which gave me the flexibility to put in long hours and attend those after-hours meetings. But many women don’t have that option. We need to recognise these structural realities.
So when we talk about levelling the playing field, we need to look beyond ‘empowerment’ courses and pitch training. We need more than just inspirational role models. We need funding. We need access. And we need those already in the room to hold the door open for others.
That’s why I believe this is a team sport. It will take investors, mentors, policymakers, entrepreneurs and allies all pulling in the same direction to make real change. CCR has done an excellent job of creating that kind of ecosystem. It’s working to challenge the structural issues as well as providing practical support — and that makes a real difference.
My hope is that in five years, we’re no longer celebrating the exception. I want to see real movement in the number of female-led businesses getting funded. That percentage needs to rise by several points. And we all have a role to play in making that happen.
Lucy Cohen talks about this and more in the Cardiff Capital Region podcast episode Empowering Female Entrepreneurs. Listen to the podcast here:
