Hamet Watt, co-founder of MoviePass, is moving beyond the company’s dramatic collapse by establishing a new venture studio aimed at developing and funding startups. Speaking to Business Insider, he revealed that his new company, Share Ventures, has already raised nearly $20 million, with support from major investors including Alphabet and Amazon. The venture will concentrate on startups related to the future of work and longevity.
Watt believes that the current landscape of venture capital, influenced by the AI surge and rising interest rates, presents an opportunity for a distinctive approach. Share Ventures plans to build its own software and utilize complex language models to enhance its internal operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained. “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 noted that while many venture firms are investing in new technologies, they often do not apply them to their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity stems from a personal loss; Watt lost his mother when he was just 25 years old. “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,” he reflected.
Despite the failure of MoviePass, which he recently discussed in the HBO documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He conveyed his willingness to take risks, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”