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SoftBank-Backed Compass Tells Employees: We’re Not WeWork

  • Brokerage has no debt and a deep roster of investors, CFO says
  • Real estate firm valued at $6.4 billion in July funding round

Photographer: Michael Nagle/Bloomberg

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WeWork’s calamitous effort to take itself public has raised red flags for other SoftBank-backed real estate startups -- and led an executive at the brokerage Compass to send its employees an eight-point memo highlighting differences between the two firms.

Compass, like WeWork, has relied heavily on funding from SoftBank Group Corp.’s Vision Fund. The brokerage has become a major player in high-end markets like Manhattan and San Francisco, though some real estate experts say it is more like a traditional brokerage than a tech-industry disrupter.