Malaysia based venture capital and multi-family private investment firm, RHL Ventures, has launched a RM100 million (about US$24.2 million) fund to support the growth of local startups as well as small and medium enterprises (SMEs). A government agency under the Ministry of Entrepreneur Development which promotes and drive the SME sector, SME Corp. Malaysia anchored the funding.
An amount of the range RM45 million (about US$10.9 million) has been invested by SME Corp. according to reports abpout this 1- to- 1 matching basis deal signed.
The funds will focus on investing in Malaysian startups and early-stage SMEs with significant operations in Malaysia, where the investment cheques will be ranging from RM500K up to RM10 million according to Raja Hamzah from RHL Ventures.
The latest funds will focus more on sector- agnostic unlike the previous investments. The Managing Partner at RHL Ventures, Rachel Lau said that criteria such as the size of the market, the traits of the founders and the capability of the product in disrupting market will be studied by the firm.
The essence of the partnership between public and private sector will be highlighted by the company’s latest funds. Lau also said that local businesses in their early stages have often received the support of the government in terms of investments, thus it is great to have the current administration is ramping up its support to instill more innovation within the local business sector.
Healthcare SaaS startup HealthMetrics, e-commerce platform Signature Market, and interior design marketplace Atap.co. are few of the various local businesses where RHL ventures has been investing over time.
Rachel Lau, Raja Hamzah Abidin and Jo Jo Kong, lead RHL Ventures which was founded in 2016.