Sequoia, Matrix to back Poly Bona
Venture capital firms to put $15 mil into 'China's Miramax'HONG KONG -- Two top U.S. venture capital firms, Sequoia Capital and Matrix Partners, teaming up with a Chinese investor, have agreed to invest around $15 million in a privately-held Chinese movie maker and distributor.
Poly Bona, often known as China's Miramax by industry magazines including Variety, recently completed Series B fundraising with the three investors, the company said in an emailed statement, which didn't name the Chinese investor.
In December 2008, Reuters reported that Poly Bona aimed to attract $30 million in a new round of fundraising, and that foreign investors including Goldman Sachs, Morgan Stanley and Bain Capital had shown interest.
Sequoia Capital and SIG Asia Investments, which is affiliated with Susquehanna International Group, are both Series A investors. SIG Asia did not participate in Series B fundraising for Beijing-based Poly Bona.
After the fundraising, Sequoia Capital, SIG Asia and Matrix Partners, which manages a $300 million China fund, would hold a seat on Poly Bona's seven-person board for each firm, according to the statement.
In 2007, Sequoia Capital and SIG Asia each invested $5 million in Poly Bona, which holds about a 20 percent share of the domestic movie distribution market.
Besides movie distribution, Poly Bona, established in 1999, has also invested in award-winning Chinese films including Red Cliff and The War Lords, according to its Web site.