Canadian technology start-up, has received funding from the Canadian Development Bank for Manifest Climate

LONDON (Reuters) – The Business Development Bank of Canada has co-led a C$30 million ($23.98 million) fundraising round for Manifest Climate, a software start-up that helps businesses analyse and disclose environmental risk.

Previous investors in Toronto-based Manifest, including OMERS Ventures and Golden Ventures, joined the BDC Capital Women in Technology Venture Fund and Climate Innovation Capital in the Series A round, according to the business.

BDC is a Canadian lender funded by the government that works with small and medium-sized enterprises.

The boost is Manifest Climate’s second in less than a year and will help the more than 60-person firm grow into Europe and Asia, according to the company. Scotiabank, Manulife, and Teck Resources are among its current clients.

Demand for more detailed climate disclosures has risen in recent years as governments press firms to reduce emissions and contribute to a worldwide objective of limiting global warming.

Several nations have begun to make such reporting mandatory, notably the United Kingdom, which will compel big corporations to declare against the Taskforce on Climate-Related Financial Disclosure (TCFD) framework beginning April 6.

Meanwhile, in the United States, the Securities and Exchange Commission proposed new regulations this week that would compel more than 8,000 U.S. corporations to follow suit. A disclosure law has also been proposed in Canada.

While a number of software companies have come up to assist businesses in measuring their greenhouse gas emissions, Manifest Climate seeks to show businesses what to do next as they try to adjust their strategy and report to other stakeholders.

“There are only so many firms who can afford to pay consultants for hundreds of thousands of dollars, yet every single company needs the help,” Manifest Co-founder and CEO Laura Zizzo told Reuters.