FoundHer FundHers: Sarah Dowzell on Building a Business, Raising Investment, and Backing Yourself First

Welcome to FoundHer FundHers - a new strand of the STYLISA FoundHers platform, created to spotlight and support female founders navigating the funding landscape, particularly those from underrepresented backgrounds.

Our mission is simple: Demystify capital. Champion confidence. Build bridges.

In our first feature, I interview Sarah Dowzell, co-founder of HR tech company Natural HR, who raised £1.6 million in investment while juggling motherhood and building a fast-growth company. In this honest conversation, Sarah shares what she wishes more women knew about raising money, how she got investors to say yes, and why confidence can’t be outsourced.

Meet Sarah Dowzell - co-founder of Natural HR and the first feature in my new FoundHer FundHers series

Sarah's Story

Your entrepreneurial story is remarkable, from launching a cleaning business at 21 to co-founding and exiting a tech company. What sparked your journey, and did you ever imagine it would lead where it has?

My entrepreneurial journey started in my teenage years. I grew up during the launch of TV series like Dragons' Den and The Apprentice, and at the same time, I was drawn to personal development books. I wanted to achieve something big in life, and business was the answer.

At 18, driven by curiosity and a desire to earn money, I started trading on the stock market. Looking back, it makes me smile - it was risky, I had no formal knowledge, just pure self-belief. But it gave me a crash course in risk and reward! I then moved into selling cosmetics online, but it didn't feel like it was truly mine, as I was selling someone else's products. I wanted something of my own.

At 21, I became an employer for the first time with the cleaning business. I didn't care that some people looked down on cleaning; it was mine. I learned how to manage people, which also made me realise how much time was wasted in a small business on paperwork and HR admin. At the time, this was a gap in the market, sparking the creation of Natural HR, an online HR software platform.

My husband and I co-founded Natural HR, secured investment, and had a team of 50 people before the business was acquired in March 2023. Looking back, I hadn't set out to start a software company, but I can see how each step gave me skills and insights that shaped my journey.

When it came to raising funding for Natural HR, where did you begin? Were there any early resources, conversations, or lessons that shaped how you approached it?

When we first started Natural HR, the thought of raising investment hadn't even entered our minds. We bootstrapped and put the software out for free, which sounds crazy now, but at the time, we were focused on acquiring users and product feedback. Ironically, it was that decision that brought us to the attention of a venture capital (VC) firm, which reached out to ask about our plans for monetisation and whether we'd considered investment.

That first VC meeting at The Shard in London was exciting and eye-opening. We learned that many investment funds have specific criteria, including location and investment size, and we were too early-stage to justify the size of the cheque this particular VC writes. Still, the experience provided us with a new awareness of VC funding, and so it became our priority for nearly a year.

We found a regional VC firm in Birmingham called Midven, which at the time offered matched funding alongside private investors for early-stage companies, but the conversations eventually dwindled. In hindsight, we fell into the trap many founders do, spending too much time chasing other investment routes through business angel networks, writing pitch decks, and attending too many meetings. We reached a point where we couldn't continue, as the business wasn't moving forward. We decided to stop chasing investment and used our last savings to pay for an exhibition in Manchester, hoping to attract customers.

We left our young children with my parents for a few days and gave the exhibition our everything, and the decision to do so also changed everything. At the event, we reconnected with an investor my husband had previously met through Midven. By showing up, we'd convinced the investor, who later became our Chairman, that we were serious about the business. So he supported a follow-up with Midven, which led to closing our first funding round for £250,000 within six weeks.

A lot of women have brilliant ideas but don’t know where to start with funding. What would you say to someone who’s ready to build something but feels lost between banks, grants, and investors?

Think beyond the money. When I was chasing investment, I became so focused on money and what I thought it would bring that I didn't consider whether that path matched the life I wanted to build.

Funding isn't just about where the money comes from, but a route that will shape your whole journey. Before considering banks, grants or investors, I'd suggest stepping back and asking yourself - What do I want my life to look like? Why am I building this business?

For instance, if your priority is lifestyle and spending time with family, building a business that offers more freedom and a steady income could be the right path, potentially eliminating the need for VC funding. On the other hand, venture capital comes with high expectations as you grow, scale, and ultimately, let go of the business you built. Investors are putting in money to generate a return, which most likely means selling your business one day.

There's no right or wrong answer, but looking at your life more holistically would be my advice.

The Funding Landscape

You raised over £1.6 million which is no small feat. What did you learn about the funding landscape during that time, and how would you approach it differently now, post-exit?

A lot has changed in the landscape since we raised our first investment round in 2015, but investment fund criteria often remain something to consider. Our £1.6 million raise was split over several smaller tranches of fundraising, which was part of partnering with a regional VC firm.

If I had my time again, it would be interesting to see how holding off investment for longer in the early days and then raising a larger amount in fewer tranches would have played out.

The key takeaway is that it's not about the amount raised, but how and when it's raised.

You’re based in Birmingham and have spoken about how London often dominates VC attention. How did geography impact your experience, and what advice would you give to founders outside the capital?

Geography certainly played a part in our journey. In the early years, it felt as though all the VC activity was happening in London and to some extent, that's still true. The BVCA's 2025 report states that a lot less capital is being deployed into businesses outside London and the East of England.

That said, I have seen a shift in the landscape over the past decade. I mentioned that our investment came through a regional VC firm, and a source of one of the funds was the Midlands Engine Investment Fund (MEIF), designed to help create employment in the Midlands region. The challenge often lies in awareness - I wasn't aware of MEIF at the time, and I think there's a PR gap in raising awareness about initiatives like this, or the Northern Powerhouse fund. The British Business Bank's website is a great source of information when it comes to regional investment funds.

Today, I see many VC firms in my region hosting or attending business events and running pitch competitions. For founders outside the capital, my advice would be: don't underestimate the power of showing up and being visible in your local ecosystem.

You’ve now exited and continue to document your journey, but the gap in capital access for women, especially women of colour, persists. What systemic barriers still frustrate you, and where do you see opportunity for change?

The fact that just 2p in the £1 of VC funding goes to female founders is painful reading, and I suspect it's even less for women of colour. It's frustrating because it's not about a lack of ambition or capability, but it feels as though something isn't working the way it should.

It's why I've been so supportive of the government's recent £500m commitment to support underrepresented investors, as I really believe this is an opportunity for change. By increasing the diversity of the fund managers, we should see founders walking into rooms with people who look like them when they're pitching for investment. I also hope to see the new wave of diverse fund managers asking what they could do differently to back entrepreneurs who don't fit the traditional mould.

The funds won't be deployed until 2026, so it will take time to see an impact. I'll be watching closely for any data released on investments made following the initiative.

Confidence can often be the first hurdle, especially when it comes to asking for money, negotiating valuation, or simply backing your own idea. Did you ever have moments of doubt, and what helped you move through them?

Absolutely! I had a massive moment of self-doubt when I walked into a room of business angel investors to pitch for the first time. There I was, a self-taught grafter, in a room of older, mainly grey-haired men, and my husband, nearly 13 years my senior, with a corporate career and presentation training under his belt. I felt out of place and convinced I'd mess it up, so I thought he should pitch without me.

As time went on in our business journey, I became more confident. Part of that came from experience, but also from being aware of my own weaknesses. Some might prefer “areas for development”, but I’m matter-of-fact and can usually look objectively at what I need to work on. I believe it’s a skill all founders should possess, as it enabled me to work with a coach, develop my skills, and build my self-belief.

It’s important to remember that everyone experiences moments of doubt, but by acknowledging them and taking steps, no matter how small, we can build confidence.

Power, Visibility & Legacy

How did exiting your business shape your view of money, growth, or even your own ambitions? Has anything surprised you in this next chapter?

I thought exiting my business would be the end of my journey, but it feels like there's so much more ahead. The experience has given me the freedom to think bigger, and I'm already working on another software venture. I want to explore what can be achieved by taking a different approach this time, but ultimately, it was the exit and investment journey that gave me the luxury to take these next steps.

My ambition has grown and it's bigger than ever (I'm a true Capricorn!), but what's surprised me most is that my focus has shifted. It's no longer about chasing money but building with purpose. That's why I'm also launching Real Entrepreneur Life - a platform designed to help founders think beyond the startup phase, scale with intention and exit strategically.

You’re part of a very small group women who’ve built and exited a tech company. Do you feel that visibility matters just as much as funding when it comes to shifting the narrative for future founders?

Yes, visibility is so important. A statistic that sticks in my mind from the 2021 Female Founders Forum Report is that four out of five teenage girls can't name a female entrepreneur. Thinking back to when I was at school, I don't remember seeing a female entrepreneur, let alone having the chance to speak to one. It's hard to be what you can't see.

That's why a non-commercial pillar of Real Entrepreneur Life will be "Inspire," where I'll go into schools and universities to share my journey, answer questions and show the next generation - especially girls - that building and exiting a company is possible.

If you could share three things you’d want every female founder to remember, whether they’re just starting out or scaling for investment, what would they be?

It's hard to narrow it down to three things, but I'd say:

1. Start with your "why". Be clear on the life you want to build and why you're doing this. That vision will guide whether you need investment, the pace you grow and what success really looks like for you.

2. Believe in yourself. I know it sounds cheesy when people say, "Be your own cheerleader," especially in moments of self-doubt, but remember, confidence grows with experience and practice.

3. Keep the end goal in mind. Building and scaling a business isn't about quick wins. Once we went down the VC investment route, I knew an exit was the only outcome. Even when it felt a long way off, reminding myself of the bigger picture helped me through the challenging times.

A massive thank you to Sarah Dowzell, for being the first FoundHer FundHers interviewee, and becoming a part of the STYLISA FoundHers community. If you’re interested in finding out more about her work:

Connect with Sarah on LinkedIn

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