Hamet Watt, co-founder of the now-defunct MoviePass, is embarking on a new journey following the company’s dramatic collapse. He is launching a venture studio called Share Ventures, aimed at developing and funding startups.
Watt revealed to Business Insider that Share Ventures has already raised nearly $20 million, with investments from major backers like Alphabet and Amazon. The new venture is set to focus on startups in the domains of future work and longevity.
He believes that the current landscape, shaped by advancements in artificial intelligence and high interest rates, presents a unique opportunity for a “differentiated model” in venture capital. Share Ventures plans to integrate its own software and sophisticated language models to enhance its internal operations.
According to Watt, the environment allows for smaller funds to identify opportunities more efficiently and with less capital. He emphasized the significance of building companies from the ground up while utilizing cutting-edge tools.
Watt noted the trend among many venture firms investing in new technologies without fully embracing or utilizing them. He believes using innovative data and automation in their processes sets Share Ventures apart.
His personal motivations are rooted in his past loss; Watt lost his mother at the age of 25, which sparked his interest in health and longevity. He reflected on how such a loss compels a deeper contemplation of mortality.
Despite the pitfalls faced by MoviePass, which Watt discussed in the documentary “MoviePass, MovieCrash,” he remains driven to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he said.