Malaysia’s RHL Ventures on track to close Hibiscus Fund at $71m by March-end

Partners at RHL Ventures: (L-R) Teng Chen Shun, Jo Jo Kong, Rachel Lau, Tengku Ahmad Ridhwanuddin, Raja Hamzah Abidin.

Malaysia-based venture capital firm RHL Ventures is on track to close its Hibiscus Fund at 300 million ringgit ($71.4 million) by the end of March, said a senior executive at the firm.

The Hibiscus Fund is a co-general partner (GP) fund with South Korea’s KB Investment. It is also one of eight funds backed by Penjana Kapital, a Malaysian government fund-of-funds programme aimed at spurring digitalisation and innovation in the country.

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