Canadian development bank backs tech start-up Manifest Climate (updated)

Neostellar Capital

31/03/2022 13:17

* BDC Capital, Climate Innovation Capital lead round
    * Cash to help fund expansion into Europe, Asia
    * Comes as more regulators mandate climate disclosures

 (Adds detail, context, quote, bullet points)
    By Simon Jessop
    LONDON, March 31 (Reuters) - The Business Development Bank
of Canada has co-led a C$30 million ($23.98 million) funding
round for tech start-up Manifest Climate, which helps companies
assess and report environmental risk.
    Alongside the BDC Capital Women in Technology Venture Fund
and Climate Innovation Capital, previous investors in
Toronto-based Manifest including OMERS Ventures and Golden
Ventures also took part in the Series A raise, the company said.
    BDC is a state-backed Canadian lender that supports small
and medium-sized businesses.
    The raise is the second in a just over a year for Manifest
Climate and will help the more than 60 person-strong firm expand
into Europe and Asia, it said. Its current clients include
Scotiabank, Manulife and Teck Resources.
    Demand for more in-depth climate disclosures has increased
in recent years as governments push companies to rein in their
emissions and help meet a global goal to cap global warming.
    A number of countries have begun to make such reporting
mandatory, including Britain, which will require large companies
to disclose against the Taskforce on Climate-Related Financial
Disclosure (TCFD) framework from April 6.
    In the United States, meanwhile, the Securities and Exchange
Commission last week proposed new rules that would require more
than 8,000 U.S. companies to follow suit. In Canada, a
disclosure law has also been proposed.  urn:newsml:reuters.com:*:nL2N2VO0O7
    While a number of tech companies have sprung up to help
companies measure their greenhouse gas emissions, Manifest
Climate aims to help show companies what to do then as they look
to change their strategy and report to other stakeholders.
    "There are only so many companies that can hire consultants
costing hundreds of thousands of dollars, but every single
company needs the support," Manifest Co-founder and Chief
Executive Laura Zizzo told Reuters.
    ($1 = 1.2512 Canadian dollars)

 (Reporting by Simon Jessop
Editing by Tommy Wilkes, Kirsten Donovan)
 ((simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052;
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