RHL Ventures

RHL Ventures is a Malaysian multi-stage venture capital firm founded in February 2016 and headquartered in Kuala Lumpur. The firm's name derives from its three co-founders -- Rachel Lau, Raja Hamzah Abidin and Lionel Leong -- three millennial founders who pooled family capital with the explicit ambition of building Southeast Asia's leading independent investment group. RHL invests at Seed, Series A and selective follow-on stages, concentrating on Malaysian startups and early-stage SMEs with meaningful Malaysian operations, while expanding across ASEAN and particularly Singapore. The firm's thesis has deliberately broadened beyond pure technology into ESG, healthcare, financial services and other sectors where the partners identify structural opportunity. RHL co-manages The Hibiscus Fund jointly with South Korea's KB Investment Co Ltd, part of Malaysia's Dana Penjana Nasional economic recovery program in which foreign and private VC managers match government allocations on a 1:1 basis, within a total program size of approximately RM 1.2 billion. The firm also operates Iris Capital Partners, a sister Southeast Asia private-credit platform. With 33 tracked investments, the portfolio spans software, fintech, health technology, AI and e-commerce. Notable portfolio companies include StealthMole, which raised a $7 million Series A for AI-powered dark-web intelligence in March 2024, and Aonic/Poladrone, which received a convertible note investment in November 2024. RHL operates from the perspective of founders-turned-investors and places significant emphasis on long-term relationship building with entrepreneurs across ASEAN. The firm's combined LP structure -- blending government mandate capital through Hibiscus and independent fund capital -- gives portfolio companies access to a broad network of government, corporate and international co-investors.