Hamet Watt, co-founder of MoviePass, is embarking on a new journey after his previous venture’s notable downfall. He is currently seeking funds for Share Ventures, a new venture studio aimed at developing and supporting startups.
In an interview with Business Insider, Watt revealed that Share Ventures has raised nearly $20 million, attracting investors including Alphabet and Amazon. The firm plans to concentrate on startups in the work future and longevity sectors.
Watt believes that the recent surge in artificial intelligence and rising interest rates have created an opportunity for a “differentiated model” in venture capital. To capitalize on this, Share Ventures intends to develop its own software and sophisticated language models to streamline its internal processes.
He explained, “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 thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt pointed out that while many venture firms are investing in new technologies, they are not fully integrating or utilizing them in their operations. He emphasized that their approach of incorporating innovative data and automation sets them apart.
Deeply motivated by personal experiences, Watt became interested in health and longevity after the early loss of his mother, who passed away at the age of 49 when he was just 25. He reflected, “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time.”
Reflecting on his past with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” Watt expressed that his previous failure has only fueled his desire to innovate. 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?”