Hamet Watt, co-founder of MoviePass, is embarking on a new journey following the company’s dramatic decline. He is currently focused on raising funds for a new venture studio aimed at developing and funding startups.
Watt announced to Business Insider that he has been actively working on Share Ventures, which has successfully secured nearly $20 million in funding from prominent investors, including Alphabet and Amazon. The venture will concentrate on innovative startups in the areas of future work and longevity.
He believes that the current landscape of venture capital, influenced by advancements in AI and rising interest rates, presents an opportunity for a differentiated approach. Share Ventures plans to create its own software in conjunction with advanced language models to streamline its operations.
Watt mentioned, “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 is beneficial as they aim to build companies from the ground up using the latest technologies.
Watt noted that while many venture firms are investing in new technologies, they often do not fully integrate and utilize them in their own processes. He views their method of applying novel data and automation as a unique asset.
His focus on health and longevity was sparked by the loss of his mother at the age of 25, which has profoundly impacted his perspective on life and mortality.
Reflecting on his experience with MoviePass, which he spoke about in the documentary “MoviePass, MovieCrash,” Watt expressed a commitment to innovation, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”