AUSTIN, Texas — September 1, 2026 — Light, the power company enabling embedded electricity products for businesses, today announced $46 million in Series A funding led by Matrix and joined by Activate Capital and existing investors including Spark Capital, Mischief, Gigascale Capital, MCJ and BoxGroup. The round brings Light's total funding to approximately $60 million, with the company's capital base exceeding $100 million, including its credit facility, as it scales its rapidly growing partner ecosystem.
Why now
U.S. power demand is hitting record highs, AI infrastructure growth is accelerating, and residential electricity prices have climbed by nearly 40% in five years. As energy moves to the center of household and enterprise budgets, owning the electricity relationship has become essential to driving core product sales, deepening customer engagement, and unlocking new revenue for expansive categories of companies.
Yet, becoming an electricity provider requires navigating state-by-state licensing, wholesale power procurement, commodity risk management, billing, customer support and grid integration – a process that can take years. Meanwhile, working with standalone electricity providers limits companies to referring customers to one-size-fits-all electricity plans.
How Light works
Light was founded to unleash innovation in power. Through its API platform, companies can launch embedded electricity plans tailored to their customers and integrated into their existing offerings in as little as two weeks. As the regulated electricity provider, Light manages the energy stack behind the scenes – from compliance and customer support to Virtual Power Plant operations – so partners can offer electricity without building from scratch. Light already supports partners across:
Real estate and proptech: embedding electricity plans directly into resident onboarding to streamline move-ins and generate revenue
Battery and solar: combining behind-the-meter systems, grid electricity service and VPP benefits in one place to simplify sales and eliminate customer confusion
Mobility: offering subscription EV charging plans that make energy costs predictable and help sell more EVs and chargers
Fintech: lowering customers' electricity bills to deliver savings and increase engagement
"Every decade has produced a new infrastructure layer that changed how companies build products and serve customers, from software to embedded financial services. Electricity is the next frontier," said Baker Shogry, co-founder and CEO of Light. "Light removes the barriers, enabling any company to offer tailored electricity services as seamlessly as they offer payments, financing or other products today."
"At Plaid, Baker saw how the right infrastructure layer can create entirely new categories of companies and products," said Matt Brown, Partner at Matrix. "Energy has reached a similar inflection point. The underlying infrastructure and operations have been too complex for enterprises to build themselves, so Baker, Adam and the team built Light to make embedded electricity possible."
New markets and products
Alongside the financing, Light continues expanding its platform and geographic reach, including:
Membership with PJM, the nation's largest wholesale electricity market, paving the way for expansion beyond Texas, beginning in New Jersey, Pennsylvania and Illinois
A broadened battery offering, enabling partners to bundle home battery systems with electricity plans that provide backup power and support a more resilient grid
Its first EV-centric product, allowing partners to offer subscription charging plans alongside solar buyback and traditional electricity plans on one platform
About Light
Light is a power company enabling businesses to offer branded electricity products through a modern API platform. As the regulated electricity provider, Light manages the complexity of providing electricity – including licensing, wholesale procurement, billing, customer support, and VPP participation – allowing businesses to embed customized electricity offerings directly into their products and services.
Today, Light's partner network reaches more than 30% of all U.S. residential solar sales, over 500,000 homeowners, and more than 1 million multi-family units, with partners including Palmetto, GoodLeap, Emporia, Public Grid, Lunar Energy, and Moved. In the first half of 2026, 100% of new electricity brands entering the Texas market launched on Light's platform, up from over 70% in 2025, while Light increased run-rate revenue 10x in 12 months.
Headquartered in Austin, Light has grown to over 35 employees and expects to more than double its headcount over the next 12 months while investing in product innovation and geographic expansion.
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Light raised $46 million in Series A funding led by Matrix and joined by Activate Capital, along with existing investors Spark Capital, Mischief, Gigascale Capital, MCJ, and BoxGroup. The round brings Light's total funding to more than $60 million and its overall capital base above $100 million, including its credit facility.
Embedded electricity means offering an electricity plan as part of your own product or service, under your own brand, instead of referring customers to a third-party provider. Light is the regulated electricity provider behind the scenes, handling state-by-state licensing, wholesale power procurement, commodity risk management, billing, customer support, grid integration, and Virtual Power Plant operations, so partners can launch tailored plans through an API in as little as two weeks.
Light is a member of ERCOT and PJM, the nation's largest wholesale electricity market, which paves the way for expansion beyond Texas beginning in New Jersey, Pennsylvania, and Illinois.
Light broadened its battery offering so partners can bundle home battery systems with electricity plans that provide backup power and support a more resilient grid. It also launched its first EV-centric product, letting partners offer subscription charging plans alongside solar buyback and traditional electricity plans on one platform.
Light supports partners across real estate and proptech, battery and solar, mobility, and fintech. Today its partner network reaches more than 30% of all U.S. residential solar sales, over 500,000 homeowners, and more than 1 million multi-family units, with partners including Palmetto, GoodLeap, Emporia, Public Grid, Lunar Energy, and Moved.