Hamet Watt, co-founder of MoviePass, is moving forward from the company’s downfall and is raising funds for a new venture studio aimed at supporting startups.
In an interview with Business Insider, Watt revealed that his new company, Share Ventures, has already secured nearly $20 million in funding, with notable investors such as Alphabet and Amazon. The focus of Share Ventures will be on startups within the realms of future work and longevity.
Watt believes that the current climate, marked by the rise of AI and high interest rates, presents a unique opportunity for venture capitalists to adopt a “differentiated model.” Consequently, Share Ventures is developing its own software and complex language models to enhance its internal operations, enabling them to identify opportunities sooner and with less financial backing.
He expressed, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great advantage because we’re building companies from scratch and leveraging the most advanced tools proactively.”
Watt pointed out that many venture firms are investing in new technologies, but are not fully integrating them into their processes. He noted that incorporating innovative data and automation differentiates Share Ventures from others.
His interest in health and longevity stems from a personal loss; his mother passed away at 49 when he was just 25. This experience has profoundly impacted his outlook on life and mortality.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt is motivated to continue innovating. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”