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    "author": {
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      "name": "Matt Brown",
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      "title": "Investing in Light",
      "url": "https://notes.mtb.xyz/p/light-series-a",
      "year": "2026",
      "tags": [
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        "fintech",
        "vertical-software"
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      "description": "Why Matrix led Light's $46M Series A: embedded, programmable electricity",
      "summary": "Matt's announcement of leading Light's $46M Series A on behalf of Matrix and joining the board. Light is a fully regulated electricity provider that lets any company launch energy products for its customers, owning wholesale procurement, hedging, billing, compliance, and grid operations so partners can embed customized plans (solar buyback, subscription EV charging, lease-linked plans) wherever customers already buy. Argues software companies spent the last decade getting into the flow of money and will spend the next getting into the flow of electrons.",
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    {
      "title": "Why VC and software have PE envy",
      "url": "https://notes.mtb.xyz/p/vc-pe-envy",
      "year": "2025",
      "tags": [
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        "frameworks"
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      "description": "Three hybrid models blurring the line between VC and PE",
      "summary": "VC and software investors are increasingly adopting playbooks from private equity, including hold-and-build strategies, multi-fund continuity vehicles, and operating-driven value creation. The piece walks through three hybrid models emerging at the VC/PE seam and what each means for venture economics.",
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    {
      "title": "Investing in Rainforest",
      "url": "https://notes.mtb.xyz/p/rainforest",
      "year": "2024",
      "tags": [
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        "payments",
        "fintech",
        "vertical-software"
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      "primary_topic": "investing",
      "description": "Why Matrix invested in Rainforest, a payfac built for vertical software",
      "summary": "Matt's investment memo for Rainforest, a next-generation payment facilitator built for vertical software platforms. Explains why the legacy payfac stack is structurally inadequate for VERPs and how Rainforest's product-led approach repositions payfac infrastructure as a developer experience rather than a sales-driven SaaS sale.",
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      "title": "Hedgehogs, foxes, and VCs",
      "url": "https://notes.mtb.xyz/p/hedgehog-fox-vc",
      "year": "2023",
      "tags": [
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      "description": "Two investor archetypes and which one your fund actually needs",
      "summary": "Isaiah Berlin's hedgehog-vs-fox distinction applied to venture investing. The post walks through what hedgehog and fox investors actually look like in practice, when each archetype outperforms, and the trade-offs funds face when picking their dominant style.",
      "platform": "notes.mtb.xyz",
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      "markdown_url": "https://mtb.xyz/posts/hedgehog-fox-vc.md"
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    {
      "title": "Fundraising for fintech infra is different",
      "url": "https://notes.mtb.xyz/p/fintech-infra-fundraising",
      "year": "2023",
      "tags": [
        "fintech",
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      "primary_topic": "fintech",
      "description": "Why fintech infra fundraising plays by different rules than SaaS infra",
      "summary": "Fintech infrastructure companies face fundraising dynamics that don't map onto generalist SaaS infrastructure patterns. The piece walks through what investors look for differently in fintech infra (regulatory thesis, balance-sheet path, revenue-quality questions) and what founders should adjust in pitch and milestones.",
      "platform": "notes.mtb.xyz",
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      "markdown_url": "https://mtb.xyz/posts/fintech-infra-fundraising.md"
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    {
      "title": "How to index an entire business model",
      "url": "https://notes.mtb.xyz/p/how-to-index-an-entire-business-model",
      "year": "2022",
      "tags": [
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      "isPopular": true,
      "description": "A framework for indexing every assumption that drives a business model",
      "summary": "A methodology for systematically indexing every assumption embedded in a business model. The post argues that investor diligence and operator planning both improve dramatically when assumptions are made explicit, comprehensive, and falsifiable, and walks through a structured approach for doing so.",
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