Light raised $46 million in Series A funding led by Matrix, with participation from Activate Capital and existing investors including Spark Capital, Mischief, Gigascale Capital, MCJ, and BoxGroup.
The financing increases Light’s total equity funding to approximately $60 million, while its overall capital base exceeds $100 million, including its credit facility.
Light provides infrastructure that lets businesses embed branded electricity offerings into their products and customer experiences.
The company handles licensing, wholesale power procurement, commodity risk, billing, customer support, and Virtual Power Plant operations behind the scenes.
Light’s network currently reaches more than 30% of U.S. residential solar sales, over 500,000 homeowners and more than 1 million multifamily units. Partners include Palmetto, GoodLeap, Emporia, Public Grid, Lunar Energy and Moved.
The company said run-rate revenue increased 10-fold over the last 12 months. Light also joined PJM as part of its expansion beyond Texas, initially targeting New Jersey, Pennsylvania and Illinois.
Light has more than 35 employees and plans to more than double its workforce over the next year.
KEY QUOTES:
“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
“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.”
Matt Brown, Partner at Matrix
