Hamet Watt, the co-founder of MoviePass, is moving beyond the company’s controversial collapse and is now seeking to raise funds for a new venture studio aimed at developing and financing startups. In an interview with Business Insider, Watt explained that he has been actively working on Share Ventures, which has already attracted nearly $20 million in funding from prominent investors, including Alphabet and Amazon.
Share Ventures is focusing on startups in sectors related to the future of work and health longevity. Watt noted that the current environment, with the rise of artificial intelligence and elevated interest rates, presents an opportunity for a distinctive venture capital model. He emphasized that Share Ventures is not only creating its own software but also employing advanced language models to streamline its internal operations.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the benefits of building companies from the ground up using cutting-edge tools.
He observed that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them in their processes. Watt believes that leveraging innovative data and automation gives Share Ventures a unique advantage.
His personal interest in health and longevity stems from a profound loss; he lost his mother at the age of 25, which profoundly impacted his perspective on life and mortality.
Reflecting on his experience with MoviePass, which is the subject of the documentary “MoviePass, MovieCrash,” Watt expressed that his previous failure only fuels his determination to continue innovating. He remarked on the importance of learning from setbacks and the courage to attempt new ventures, irrespective of the potential for failure.