Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
In an interview with Business Insider, Watt shared that he has been working diligently at Share Ventures, which has nearly secured $20 million in funding from notable investors, including Alphabet and Amazon. The new firm will concentrate on startups in the areas of future work and longevity.
Watt believes that the current AI boom and high interest rates have created an environment conducive to a distinctive venture capital model. As a result, Share Ventures plans to develop its own software and sophisticated language models to streamline its operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained. “For us, that’s a great thing because we’re building companies from scratch and proactively using the most advanced tools.”
He noted that while many venture firms are investing in emerging technologies, they often do not utilize those innovations themselves. “Employing novel data and automation in our process is something we think is uniquely special to us,” Watt added.
Watt’s interest in health and longevity was sparked by the loss of his mother when he was just 25 years old. Her passing at the age of 49 prompted him to reflect on his own mortality. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he said.
Despite the setbacks he faced with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he remarked.