Hamet Watt, co-founder of the subscription service MoviePass, is moving forward from the company’s notable downfall and is actively seeking investments for a new venture studio designed to nurture and finance startups.
In an interview with Business Insider, Watt shared that his new endeavor, Share Ventures, has successfully raised nearly $20 million, with significant investments from major players like Alphabet and Amazon. The focus of Share Ventures will be on startups related to future work and longevity.
Watt emphasized that the current landscape, shaped by the AI surge and high-interest rates, presents an opportunity for a “differentiated model” in venture capital. To enhance efficiency, Share Ventures is developing its own software and incorporating advanced language models to automate various internal processes.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. This approach is beneficial as it enables the building of companies from the ground up while leveraging cutting-edge tools.
He noted that many venture firms are investing in emerging technologies but are not fully utilizing them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was sparked by the early loss of his mother at the age of 25, which deeply influenced his perspective on mortality. Reflecting on his experiences, he shared that the failure of MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate continuously. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he stated.