{exp:channel:entries
  channel="static"
}

{content_matrix}
   <div>
      {text_cell}
   </div>
   {image}
{/content_matrix}

{/exp:channel:entries}

{embed="incl/content_matrix" matrix="{content_matrix}"}

{embed:matrix}
   <div>
      {text_cell}
   </div>
   {image}
 {/embed:matrix}

{embed="incl/content_matrix" matrix="{content_matrix}"}

{content_matrix}
   <div>
      {text_cell}
   </div>
   {image}
{/content_matrix}

{matrix_loop}