RHL Ventures, a Malaysian multi-family investment firm, has established a new 100 million Malaysian ringgit ($24.2 million) venture capital fund.

The fund, anchored by SME Corp. Malaysia, will be investing in check sizes between $240,000 and $1.2 million.

RHL Ventures said that the fund will focus on backing Malaysian startups and early-stage small and medium enterprises with significant operations in Malaysia.

The firm added that although it has largely channelled its previous investments into technology startups, the focus of this new fund will be broader and more sector-agnostic.