Sequoia Capital, Matrix invests in China movie firm

HONG KONG, July 17 (Reuters) - 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 (GS.N), Morgan Stanley (MS.N) and Bain Capital had shown interest. [ID:nHKG300590]

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 website (www.polybona.com.cn).

For related Asian private equity news, Reuters 3000 Xtra users can double click on: [LEN-RTRS-ASIA-PVE] (Reporting by George Chen; Editing by Chris Lewis)