Hamet Watt, co-founder of MoviePass, is moving on from the company’s notable collapse and is now focused on raising funds for a new venture studio aimed at supporting startups.
In an interview with Business Insider, Watt shared that he has been actively working at Share Ventures, which has successfully raised nearly $20 million in funding from notable investors, including Alphabet and Amazon. The new venture is concentrating on startups in the areas of future work and longevity.
Watt believes that the current AI surge and elevated interest rates have created an environment conducive for a “differentiated model” in venture capital. Consequently, Share Ventures is developing its own software and complex language models to streamline its internal processes.
He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing that this approach is beneficial for building companies from scratch while utilizing advanced tools.
Watt observed that many venture firms are investing in new technologies but are not fully adopting and utilizing them. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s personal interest in health and longevity was sparked by the loss of his mother at 25, who passed away at the age of 49. This profound experience prompted him to contemplate his own mortality in ways he hadn’t before.
Reflecting on his journey, Watt mentioned that his experiences with MoviePass, detailed in the documentary “MoviePass, MovieCrash,” only fueled his determination to innovate further. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he stated.