Hamet Watt, the co-founder of MoviePass, is moving on from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and funding startups.
In an interview with Business Insider, Watt explained that he has been busy with Share Ventures, which has raised nearly $20 million in funding from investors including tech giants Alphabet and Amazon. The new venture will concentrate on startups in the areas of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the AI boom and elevated interest rates, is ready for a “differentiated” model. To this end, Share Ventures is creating its own software and complex language models to enhance its internal operations.
He noted, “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 often fail to incorporate and utilize them effectively in their processes. He believes that leveraging innovative data and automation is a distinctive aspect of Share Ventures.
Watt’s interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25, when she was just 49 years old. 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.”
Despite the challenges faced with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to pursue innovation, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”