An economy recovery initiative by the Malaysian Government

Matching funds-of-funds programme under the Short-Term Economic Recovery Plan.

Dana Penjana Nasional (“DPN”) is a matching fund-of-funds programme, which is part of the Short-Term Economic Recovery Plan (“PENJANA”). The Government of Malaysia will match RM600 million, on a 1:1 basis, of the funds raised by the venture capital (“VC”) fund managers from foreign and private domestic investors, with a target allocation of RM1.2 billion.


The Hibiscus Fund

The Hibiscus Fund (“Fund”) is a venture capital fund managed by Malaysia’s RHL Ventures (“RHL”) and Korea’s KB Investment (“KB”) that forms part of the Dana Penjana National Program. Half of the fund was contributed by private investors and the remaining half through a dollar-for-dollar match by the Malaysian government.


The Fund’s primary objective is to accelerate Malaysian economic recovery by digitalising and automating Malaysian businesses through innovation from various stage companies and especially startups in the Series A and Series B stage. The Hibiscus Fund’s maiden investment is in Naluri, one of the leading digital health service providers in Southeast Asia, offering human-led and AI-augmented digital health coaching that transforms the lives of people who are at risk of, or managing, chronic and mental health conditions.

KB Investment

KB is one of Korea’s leading investment firms of venture capital and private equity funds with over USD 1.4 billion of assets under management as of December 2013. It is a subsidiary of KB Financial Group, Korea’s premier financial group with the largest domestic customer base as well as the widest network of service branches in Korea.

RHL Ventures

RHL was founded in 2016 and is based in Kuala Lumpur, Malaysia, it is a multi-family private investment firm championing growth for the best businesses in Southeast Asia. It aims to drive transformative growth by fueling the growth of ASEAN-linked start-ups as well as small and medium-size companies.


Penjana Kapital raises RM676m in funding for start-ups

8 foreign VCs and local partners invest up to US$389mil via Dana Penjana Nasional

Malaysian startup Naluri raises US$5mil in Series A round


Naluri secures US$5M Series A to support people with chronic health, mental conditions in SEA