The co-founder of MoviePass, Hamet Watt, is moving past the company’s spectacular collapse and is now raising funds for a new venture studio aimed at developing and funding startups. This new initiative, Share Ventures, has already secured nearly $20 million in funding from prominent backers including Alphabet and Amazon.
Share Ventures is focused on startups that operate in the future of work and longevity sectors. Watt believes that the current AI boom and high interest rates have created a fertile ground for a differentiated venture capital model. As a result, Share Ventures is developing its own software and utilizing complex language models to automate its internal operations. This approach, according to Watt, allows the venture to identify opportunities earlier and with less capital investment.
In an interview with Business Insider, Watt emphasized the unique approach of using novel data and automation in their processes. He noted that while many venture firms are investing in new technologies, they are not necessarily embracing and utilizing them in their operations.
Watt’s interest in health and longevity was sparked by the early loss of his mother at age 49, when he was just 25 years old. This personal experience prompted him to reflect on his own mortality and drove his interest in the field.
Despite the downfall of MoviePass, which was highlighted in the documentary “MoviePass, MovieCrash,” Watt remains motivated to continue innovating. He views his past failure as a learning experience and is determined to pursue new ventures with a renewed sense of purpose and resilience.