What's VC?
The Chapmans initially had the license for MaxMara in the UK, so it was money from the wholesale part of that business that initially funded, and propped up Matches before it became an online brand.
I worked there years ago, pretty much pre-internet and what I loved was how they, Ruth in particular, genuinely loved finding new and interesting designers and nurturing them. Under Bridget Cosgrove, the buy was relatively diverse, especially with regards to overseas labels. Also, Natalie Kingman (I think that's her surname) was a great buying director.
Once Matches went properly online and needed funding to expand the business to become a global player, their days were always numbered. What has happened to so much multi-brand retails stores is exactly what happened to many of the independent produce brokers/middlemen when the supermarkets realised they could go directly to the food producers. Many brand would rather sell directly to their customers and cut out the middle man, more so when those like Matches are slow to pay invoices. Also, it is harder to control the brand's price point - Matches started offering far too many discounts and money-off promotions. The superbrands don't like that at all. Add Ashely into the mix and there wasn't really a workable business to save.
A real shame.