Plaid alum’s energy startup Light raises $46M to make electricity an embedded service

Electricity may be getting its own embedded-finance moment. Light, an Austin-based energy startup founded by former Plaid product chief Baker Shogry, has raised $46 million in Series A funding to let companies sell electricity directly inside their own products and services.

Matrix led the round, joined by Activate Capital and existing investors Spark Capital, Mischief, Gigascale Capital, MCJ and BoxGroup. The new investment brings Light’s total funding to roughly $60 million. Including its credit facility, the company says its capital base now exceeds $100 million.

Light’s premise is surprisingly familiar. Fintech infrastructure companies such as Plaid helped businesses add financial products without becoming banks themselves. Light wants to bring a similar model to electricity.

A property company, for example, could offer an electricity plan during tenant onboarding. An EV company could bundle charging with a vehicle subscription. Solar and battery providers could package equipment, electricity service and grid programs together rather than sending customers elsewhere for energy.

Light handles the machinery behind those offerings, including state licensing, wholesale electricity procurement, billing, customer support, commodity risk and grid integration. Its API lets businesses launch branded electricity plans in as little as two weeks, the company says.

“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,” Shogry, Light’s co-founder and CEO, said. “Light removes the barriers, enabling any company to offer tailored electricity services as seamlessly as they offer payments, financing or other products today.”

From embedded finance to embedded electricity

Shogry’s background makes the thesis more interesting. Before starting Light, he served as Head of Product at Plaid, giving him a front-row seat to the rise of financial APIs that let developers integrate banking data and services into applications.

Matrix partner Matt Brown sees a similar opening in energy.

“At Plaid, Baker saw how the right infrastructure layer can create entirely new categories of companies and products,” Brown said. “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.”

The timing matters. U.S. electricity demand is climbing as AI data centers, electric vehicles and electrification put new strains on the grid. Residential electricity prices have risen nearly 40% over the past five years, according to Light. That makes energy a bigger part of household budgets and a potentially valuable customer relationship for companies already selling homes, solar panels, batteries and EVs.

Light is now preparing to move beyond Texas. The startup has joined PJM, the largest wholesale electricity market in the U.S., setting the stage for launches in New Jersey, Pennsylvania and Illinois. It is developing products that bundle home batteries with electricity plans and has introduced an EV-focused offering built around subscription charging.

The model is gaining traction. Light says its partner network now touches more than 30% of U.S. residential solar sales, more than 500,000 homeowners and over 1 million multifamily units. Partners include Palmetto, GoodLeap, Emporia, Public Grid, Lunar Energy and Moved.

The company says every new electricity brand entering the Texas market during the first half of 2026 launched using Light, up from more than 70% in 2025. Light says its run-rate revenue grew tenfold over the past 12 months.

Light currently employs more than 35 people and expects to more than double that figure over the next year.

The larger bet goes beyond selling electricity. Light is betting that energy becomes something customers increasingly buy through companies they already use, much as payments, lending and banking services disappeared into apps and platforms.

If that shift happens, electricity may stop looking like a standalone utility relationship and start looking a lot more like another API.