Hamet Watt, co-founder of the now-defunct MoviePass, is shifting his focus to a new venture studio aimed at developing and funding startups. He revealed that his latest endeavor, Share Ventures, has successfully raised nearly $20 million, with investments from major backers like Alphabet and Amazon.
Watt, who initially launched MoviePass in 2011, believes that the current environment marked by a rise in AI and elevated interest rates presents a unique opportunity for a fresh strategy in venture capital. Share Ventures aims to concentrate on startups within the realms of future work and longevity. The firm plans to develop its own software and sophisticated language models to streamline its internal operations.
He explained to Business Insider that smaller funding requirements can enable quicker identification of promising opportunities with less initial investment. Watt is determined to build startups from the ground up, leveraging advanced technology to enhance their chances of success.
Highlighting a common issue among venture firms, Watt pointed out that many are investing in emerging technologies yet failing to effectively integrate and utilize them in their operations. He emphasized that employing innovative data practices and automation gives Share Ventures a competitive edge.
Watt’s passion for health and longevity was sparked by the early loss of his mother when he was just 25 years old. He reflected on how this personal tragedy shaped his awareness of mortality and ignited his drive for innovation, inspiring him to pursue new ventures despite the challenges he faced with MoviePass.