Hamet Watt, co-founder of MoviePass, is embarking on a new venture after the company’s dramatic decline. He is now focused on Share Ventures, a startup studio that aims to support and fund emerging companies.
According to a recent report, Share Ventures has raised nearly $20 million, with investments from prominent backers including Alphabet and Amazon. Watt revealed that the new venture will concentrate on startups in the sectors of future work and longevity.
He believes that the current landscape, influenced by the AI surge and high interest rates, has created an opportunity for a unique approach to venture capital. This led to Share Ventures developing its own software and sophisticated language models to streamline its 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.” He emphasized that this is beneficial for their approach of building companies from the ground up while leveraging the latest advancements.
He pointed out that many venture firms are engaging with new technologies but are not truly integrating them into their processes. Watt mentioned, “Using novel data and automation in our process is something we think is uniquely special to us.”
His personal experience with health and longevity was significantly influenced by the loss of his mother at a young age, an event that prompted him to reflect on mortality.
Watt’s past experience with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” serves as motivation for his new pursuits. He expressed a desire to innovate, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”