Malaysia-based private investment firm RHL Ventures today announced it has launched a US$24.3 million fund to support local early-stage small and medium-sized enterprises (SMEs).
The fund included a significant investment from SME Corp. Malaysia, the central coordinating agency under the Ministry of Entrepreneur Development Malaysia, representing one of the first public-private collaboration under the country’s new administration.
(From left to right) RHL Ventures executives Teng Chen Shun, Jo Jo Kong, Rachel Lau, Tengku Ahmad Ridhwanuddin, and Raja Hamzah Abidin / Photo credit: RHL Ventures
RHL Ventures said that the fund will mainly focus on backing SMEs with significant operations in Malaysia. With most of the firm’s previous investments focusing on tech startups, RHL Ventures wants the new fund to be broader and industry-agnostic.
The fund will also highlight the importance of partnerships between the Malaysian government and the private sector to the growth of SMEs.
“In Malaysia, SMEs comprise over 98% of total business establishments and contribute more than 37% to the national GDP – they form a central pillar of Malaysia’s economy,” said SME Corp. Malaysia CEO Noor Azmi Mat Said in a statement.
Earlier this year, RHL Ventures invested in healthcare management platform HealthMetrics and online interior design marketplace Atap.co. It also participated in a series A funding round for ecommerce platform Signature Market.
Editing by Charmaine de Lazo
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