The Canadian Development Bank supports technology startup Manifest Climate

Condominium and office towers visible on the Vancouver skyline, British Columbia, Canada, September 30, 2020. REUTERS / Jennifer Gauthier

March 31, 2022

Simon Jessup

LONDON (Reuters) – The Business Development Bank of Canada has led a $ 30 million ($ 23.98 million) funding round for technology startup Manifest Climate, which helps companies assess and report on environmental risks.

Along with the venture capital fund BDC Capital Women in Technology and Climate Innovation Capital, previous Toronto Manifest investors, including OMERS Ventures and Golden Ventures, also participated in the A Series boost, the company said.

BDC is a Canadian government-backed lender that supports small and medium-sized businesses.

The increase is the second in just over a year for Manifest Climate and will help more than 60 employees of the company expand into Europe and Asia, the report said. His current clients include Scotiabank, Manulife and Teck Resources.

Demand for deeper climate disclosure has increased in recent years as governments push companies to curb emissions and help achieve the global goal of limiting global warming.

A number of countries have begun making such reporting mandatory, including the UK, which from April 6 will require large companies to disclose information under the Taskforce on Climate-Related Financial Disclosure (TCFD).

In the United States, meanwhile, the Securities and Exchange Commission last week proposed new rules requiring more than 8,000 U.S. companies to follow suit. Canada has also proposed a disclosure law.

While a number of technology companies have emerged to help companies measure their greenhouse gas emissions, Manifest Climate seeks to show companies what to do when they seek to change their strategy and report to other stakeholders.

“There are a lot of companies that can hire consultants that cost hundreds of thousands of dollars, but every company needs support,” Manifest co-founder and CEO Laura Zizzo told Reuters.

(1 dollar = 1.2512 Canadian dollars)

(Report by Simon Jessop Edited by Tommy Wilkes, Kirsten Donavan)

The Canadian Development Bank supports technology startup Manifest Climate

Source link The Canadian Development Bank supports technology startup Manifest Climate

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