The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s notable downfall and is now raising funds for a new venture studio aimed at developing and supporting startups.
In a recent statement to Business Insider, Watt shared his efforts at Share Ventures, which has already secured nearly $20 million in funding from investors, including Alphabet and Amazon. The focus of Share Ventures is on startups in the fields of future work and longevity.
Watt believes that the current landscape, influenced by the AI boom and rising interest rates, presents an opportunity for a unique venture capital model. Share Ventures is not only funding new companies but is also creating its own software and leveraging complex language models to streamline internal operations.
He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” which he views as advantageous for building companies from the ground up using cutting-edge tools.
Watt pointed out that while many venture firms are investing in new technologies, they are not fully integrating or utilizing them in their processes. He emphasized that employing novel data and automation is a distinctive feature of his approach.
His interest in health and longevity was sparked by the personal tragedy of losing his mother at the young age of 25. This experience has deeply influenced his perspective on mortality and innovation.
Watt is also motivated by his past experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” viewing it as a stepping stone to learn from failures and pursue new ventures with courage.