Hamet Watt, co-founder of the now-defunct MoviePass, is moving forward from the company’s downfall and is in the process of raising funds for a new venture studio aimed at developing and financing startups.
Watt announced his new company, Share Ventures, which has successfully secured nearly $20 million in funding from notable backers including Alphabet and Amazon. The firm will focus on startups related to the future of work and longevity.
He believes the current landscape, influenced by the AI surge and rising interest rates, presents an opportunity for a distinct model in venture capital. Share Ventures plans to create its own software and utilize advanced language models to streamline its internal operations.
Watt expressed that this approach allows for investing with smaller amounts of capital while identifying opportunities earlier in the process. “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,” he said.
He pointed out that while many venture firms are investing in new technologies, they often do not fully integrate and utilize them within their own processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
Watt’s interest in the health and longevity sectors was sparked by a personal tragedy when he lost his mother at a young age. This experience deeply influenced his outlook on life and mortality.
Reflecting on his past with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt is motivated to continue innovating despite setbacks. He emphasized the importance of learning from experiences and having the courage to attempt new ventures, regardless of the potential for failure or success.