UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 13F

                               FORM 13F Cover Page

             Report for the Calendar Year or Quarter End: 09/30/08

                       Matrix VII Management Co., L.L.C.
                    Name of Institutional Investment Manager

1000 Winter Street, Suite 4500            Waltham     MA    02451
Business Address                (Street)   (City)  (State)  (Zip)

13F File Number:

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information herein is true, correct and complete, and
that it is understood that all required items, statements, schedules, and
tables, are considered integral parts of this form.

Name, Title and Telephone Number of Person Submitting Report:

Timothy A. Barrows           Authorized Member    781-890-2244
- --------------------------   -----------------  ---------------
(Name)                            (Title)            (Phone)


Signature, Place and Date of Signing:


/s/ Timothy A. Barrows
- ----------------------------

Report Type:

[X]  13F HOLDINGS REPORT.

[ ]  13F NOTICE.

[ ]  13F COMBINATION REPORT.



                              FORM 13F SUMMARY PAGE

Number of Other Included Managers: None
List of Other Included Managers:   None

Form 13F File Number:                      Name:
No.

Form 13F Information Table Entry Total:       2
Form 13F Information Table Value Total: $68,171



                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 13F

                                INFORMATION TABLE

                           FORM 13F INFORMATION TABLE
                         AS OF DATE: September 30, 2008


ITEM 1                    ITEM 2         ITEM 3     ITEM 4            ITEM 5           ITEM 6    ITEM 7         ITEM 8
- --------------------  --------------  -----------  --------  -----------------------  -------  ---------  ------------------
                                                                                                           VOTING AUTHORITY
                                                     VALUE    SHARES/           PUT/  INVSTMT    OTHER    ------------------
NAME OF ISSUER        TITLE OF CLASS     CUSIP     (x$1000)   PRN AMT   SH/PRN  CALL  DSCRETN  MANAGERS*  SOLE  SHARED  NONE
- --------------------  --------------  -----------  --------  ---------  ------  ----  -------  ---------  ----  ------  ----
                                                                                       
Aruba Networks, Inc.      Common      043176 10 6   38,370   7,479,455                  Sole      None    Sole
Airvana, Inc.             Common      00950V 10 1   29,801   5,059,609                  Sole      None    Sole