Matrix Partners China raises $750m for fifth venture capital fund

Matrix Partners China, the Chinese arm of U.S. venture capital firm Matrix Partners, has raised $750 million for its fifth venture capital fund, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The fund saw participation from about 53 limited partners (LPs), the filing said.

Matrix Partners China raised $500 million for its fourth China-focused fund in February 2016, less than two years after raking in $350 million for its third fund to invest in the country’s technology, media and telecommunications sectors.

The Chinese VC arm was established in 2008. Led by general partners Bo Shao, David Su and David Zhang, Matrix Partners China invests in a variety of sectors including internet & mobile internet, financial services, healthcare and SaaS in China.

According to Crunchbase data, Matrix Partners has backed about 243 companies, leading investments in 63 of them.

Earlier this month, the firm led a Series A funding round for Yaoyanshe, a healthcare company based in Shanghai, and Xiaopangxiong, a Shanghai-based home construction materials B2B trading platform. In March, Chinese electric car startup CHJ Automotive pocketed RMB 3 billion ($473 million) in its Series B funding round led by Matrix Partners China and Shougang Fund’s new energy fund portfolio.

Matrix Partners is also an investor in Chinese bike sharing unicorn Ofo.

The announcement of Matrix raising its fifth fund comes a day after Sequoia Capital, an early investor in Google and Apple, disclosed its intent to raise six new funds, including three China-focused funds, in an SEC filing. The funds include Sequoia Capital China Venture Fund VII, Sequoia Capital China Growth Fund V, and Sequoia Capital China Seed Fund I.

In April, Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, announced the launch of its dedicated technology fund for China. With a fund size of $275 million, the fund will invest in Chinese companies and cross-border deals, with a strong focus on enterprise tech, fintech and consumer tech.

Also Read:

Sequoia Capital hitting market with six funds, including three China-focused vehicles

Pivotal China launches debut early-stage $150m VC fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.