Light, the Texas-based power company pioneering embedded electricity products for businesses, announced $46 million in Series A funding led by Matrix. The round brings Light’s total funding to approximately $60 million—and its total capital base past $100 million when including its credit facility—as the company scales its infrastructure nationwide.
About Light
Founded by former Head of Product at Plaid, Light is expanding beyond Texas as businesses increasingly embed electricity into their products and services
Crucially for the Northeast, the funding accelerates Light’s expansion beyond its home state. Backed by its new membership in PJM Interconnection—the regional grid operator managing the power system across New Jersey, Pennsylvania, Illinois, and 10 other states—Light is positioning itself to bring its innovative energy platform to Garden State homeowners, real estate developers, and clean-tech partners.
As New Jersey electricity consumers face shifting market dynamics, rising utility costs, and complex grid demands, owning the energy relationship has become vital for modern enterprises. However, entering the power space has traditionally required years of navigating state-by-state utility licensing, wholesale power procurement, compliance, and billing frameworks.
Founded by former Plaid Head of Product Baker Shogry and Adam Compain, Light removes these bottlenecks. Through a modern API platform, companies in proptech, solar, fintech, and electric mobility can launch branded, tailored electricity plans in as little as two weeks. As the regulated electricity provider, Light manages the complex backend operations—including grid compliance, billing, and Virtual Power Plant (VPP) participation—behind the scenes.
With its newly secured PJM membership, Light is rolling out its multi-state growth strategy, targeting New Jersey, Pennsylvania, and Illinois as its first expansion markets outside Texas.
This regional entry unlocks major opportunities for New Jersey businesses:
- Proptech & Real Estate: Multi-family and residential operators can seamlessly embed electricity plans directly into tenant onboarding to streamline move-ins and generate new revenue streams.
- Solar & Home Batteries: Installers can bundle residential solar and backup battery systems with dynamic electricity plans that offer grid resilience and VPP benefits.
- EV Mobility: Partners can offer subscription-based EV charging plans alongside solar buyback options on a single, unified platform.
“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,” Baker Shogry, co-founder and CEO of Light said.
Matt Brown, partner at Matrix, noted: “At Plaid, Baker saw how the right infrastructure layer can create entirely new categories of companies and products. Energy has reached a similar inflection point.”
Following a year that saw Light power 100% of new electricity brands entering the Texas market and scale its run-rate revenue 10x over 12 months, the company plans to more than double its 35-person team as it brings its embedded infrastructure to New Jersey and the broader PJM footprint.
