Light, an Austin startup founded by former Plaid product chief Baker Shogry, has raised $46M in Series A funding to let companies sell electricity inside their own products. Matrix led the round, joined by Activate Capital and existing investors Spark Capital, Mischief, Gigascale Capital, MCJ and BoxGroup.
The pitch borrows directly from fintech infrastructure: just as Plaid helped businesses add financial services without becoming banks, Light wants to help them add power without becoming utilities. A property company could offer an electricity plan during tenant onboarding, an EV maker could bundle charging into a vehicle subscription, and solar installers could package hardware, energy service and grid programs in one place.
Behind the curtain, Light runs the apparatus of a power retailer: state licensing, wholesale electricity buying, billing, customer support, commodity hedging and grid hookups. Customers using its API can stand up a branded electricity plan in about two weeks.
The new money brings Light’s total funding to roughly $60M, and with its credit facility the company’s capital base exceeds $100M.
Shogry argues each decade produces a new infrastructure layer that changes how companies build products, from software to embedded financial services, and says electricity is the next frontier. Investors are betting regulated energy markets are finally ready for the same unbundling that remade banking.
