Hamet Watt, the co-founder of MoviePass, is embarking on a new journey after the company’s dramatic decline. He is in the process of raising funds for a new venture studio aimed at developing and financing startups.
Watt announced that his new company, Share Ventures, has attracted nearly $20 million in backing from notable investors, including Alphabet and Amazon. The focus of Share Ventures is on startups related to the future of work and longevity sectors.
Watt believes that the current climate, characterized by the AI boom and elevated interest rates, provides an opportunity for venture capital to adopt a distinct model. Share Ventures plans to develop its own software and complex language models to streamline internal operations and enhance efficiency.
He explained that there’s no need for large funds in today’s investment landscape, as startups can be assessed for potential much earlier with less capital. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he told reporters.
Watt noted that many venture firms are investing in innovative technologies but are not fully integrating them into their operations. He pointed out the unique approach of Share Ventures in employing novel data and automation in its investment processes.
The topic of health and longevity resonates deeply with Watt, who became interested in this area after losing his mother at the young age of 25. Her passing at just 49 years old forced him to confront his own mortality.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to innovate once more. He acknowledged the possibility of failure but is motivated by the potential for success.