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Retail Supplier Raises $46 Million to Scale the "Power Company for Embedded Electricity", Expand Beyond Texas
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Light, the retail energy supplier which describes itself as, "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."
As previously reported, Light is a retail energy supplier enabling businesses to offer branded electricity products (akin to white labeling) through, "a modern API platform," with Light recently receiving electric supplier licenses in multiple Northeast states
"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," Light said
"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," Light said
"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 said
Light said that 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."
Shogry previously served as Head of Product at fintech and financial services company Plaid
"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."
Alongside the financing, Light said that 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"
"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," Light said
Light said that, 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 over 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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September 1, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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