The co-founder of MoviePass, Hamet Watt, is embarking on a new venture after the company’s notable downfall. He is currently focused on raising capital for Share Ventures, a startup studio aimed at developing and funding innovative businesses.
Watt recently shared with Business Insider that Share Ventures has successfully raised nearly $20 million, with investors including major players like Alphabet and Amazon. The new venture aims to concentrate on startups related to the future of work and health longevity.
He believes that the recent surge in artificial intelligence technology and the impact of rising interest rates have created an opportunity for a unique approach in venture capital. To facilitate this, Share Ventures is developing its own software and advanced language models to streamline its operations.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this approach allows them to build businesses from the ground up while utilizing cutting-edge tools effectively.
He also pointed out that many venture firms are investing in new technologies but aren’t fully integrating these innovations into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt remarked.
His interest in health and longevity was sparked by a personal tragedy, having lost his mother at the young age of 25, which made him reflect on mortality in a way he had not considered before.
Watt’s experiences with MoviePass, which he has spoken about in the documentary “MoviePass, MovieCrash,” have fueled his desire to continue innovating despite past failures. He expressed a determination to learn from his experiences and take new 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?”