Hamet Watt, co-founder of the now-defunct MoviePass, is embarking on a new venture after the company’s dramatic downfall. He has launched Share Ventures, a studio aimed at developing and funding startups. Watt announced to Business Insider that Share Ventures has successfully raised nearly $20 million, with notable investors including Alphabet and Amazon. The new company plans to focus on startups operating in the future of work and longevity sectors.
Watt believes that the current high interest rates and the AI boom create a favorable environment for a unique investment model. Share Ventures intends to create its own software alongside advanced language models to streamline its operations, allowing for quicker and more cost-effective investment opportunities. Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the advantages of building companies with modern tools.
He pointed out that while many venture capital firms are investing in new technologies, few incorporate them into their own methods. Watt’s approach aims to leverage innovative data and automation to set Share Ventures apart.
His interest in health and longevity was ignited by personal experience, having lost his mother at the young age of 25. This loss prompted him to reflect on his own life and mortality. Despite the challenges faced with MoviePass, which he explores in the documentary “MoviePass, MovieCrash,” Watt remains committed to pursuing innovation and the possibility of both succeeding and failing in his new endeavors.