The other investors include Morningside Ventures, Greenwoods Investment, in addition to existing Matrix Partners, the Chinese media reports added.
This comes within six months of Mateo raising $5 million from Matrix Partners during its launch as part of Series A financing.
Vertex Venture Holding, with a total deployed capital of $1.2 billion, is a subsidiary of Temasek Holdings Pte Ltd, Singapore’s state-owned investment company
Metao, which focuses on connecting Chinese consumers directly with overseas branded products has a monthly sales to the tune of RMB10 million. It plans to use the proceeds from the latest round of financing on brand building, marketing and market share expansion, said a report in China Money Network.
Last month, in an interaction with DEALSTREETASIA, Vertex Ventrues CEO Kee Lock said said the VC firm plans to invest an additional $300 million over the next two to three years, in startups, and also venture capital funds that invest in such companies.
At the same time, he had also warned about rising valuations in Asia’s startup scene, comparing the current situation with that of 2008 prior to the Lehman Brothers collapse.
“Since 2008, we have invested about $500 million in different companies. We will be investing about $300 million more. Today, about 60% of our money is invested in China, about 10% in India and perhaps 10% in South-East Asia and Taiwan and another 10% in Singapore. Going forward, we will maintain these percentages when we invest more in these markets. On an average, we stay invested in a company for seven-eight years,” he had said.
For Vertex, China presents a huge opportunity due to the size of the market as well as the stability it offers unlike some of the other regions in Asia, and Kee Lock shares the opinion that China is also closing the gap with Silicon Valley
“Many people today compare China with Silicon Valley—it has so many start-ups, lots of companies with unique models—Chinese companies can create interesting opportunities by themselves; and in that sense, they are a lot stronger than India. Silicon Valley is still ahead. That is where lots of innovation is still coming from. China is closing the gap—because of its large market size, they are able to create their own unique business models and capabilities,” he had said.