Malaysian investment firm RHL Ventures has announced the launch of a RM 100 million (USD 24.2 million) fund that’s aimed at backing Malaysian startups and early-stage, small and medium sized enterprises (SMEs) across a range of industries.
One of the major contributors to RHL’s new fund is SME Corporation Malaysia, a government agency. This marks the first public-private collaboration of its kind under the current administration in the country, signaling the government’s recognition that partnerships between the state and the private sector is necessary to develop a robust network of tech businesses.
“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 Noor Azmi Mat Said, CEO of SME Corp. Malaysia, in an official statement.
Some of RHL’s notable investments include healthcare software-as-a-service startup Healthmetrics and online marketplace Atap.co.
The introduction of RHL’s new fund comes at a time when Malaysia is preparing to transform itself into one of the main destinations for high-tech industries by 2025.
