One of the key figures behind WeWork’s rapid growth has joined real estate data firm CompStak’s board of directors.
David Fano, WeWork’s former chief growth officer, will help Manhattan-based CompStak navigate its next stage of expansion.
“I got to know David from when he was a customer and I’ve always been really impressed with what he’s done,” CompStak CEO Michael Mandel told The Real Deal.
CompStak recently completed a $14 million Series B fundraise and is looking to break into new markets and take on new customers. Mandel said that Fano’s connections in the real estate business will certainly be an asset, but said CompStak will benefit as much from Fano’s expertise in how to manage that growth internally.
While at WeWork, Fano helped to double annual revenues for four consecutive years. The co-working company has come under fire this year for a number of reasons, including growing too fast, and needed a bailout from SoftBank to stave off a cash crunch. It piled up $47 billion worth of lease obligations, some of which it is now looking to get out of as it searches for a path to profitability.
Fano, who now runs his own career-assistance startup called Teal HQ, left WeWork in October as SoftBank was taking over the troubled co-working firm.
Mandel said he did not see WeWork’s struggles as a reflection on Fano’s track record at the company.
“I think David was responsible for a lot of the good decisions at WeWork,” he said.
Fano told TRD that he doesn’t think rapid growth was at the core of WeWork’s problems.
“I don’t actually think WeWork grew too fast,” he said. “I think WeWork added too many things outside its core. Sometimes the broader business took its eyes off the ball, but I think the core business operated fine.”