Hamet Watt, co-founder of MoviePass, is moving on from the company’s significant downfall and is actively raising funds for a new venture studio aimed at developing and financing startups.
Watt has established a new company called Share Ventures, which has already secured nearly $20 million in funding from investors that include tech giants Alphabet and Amazon. He explained that the focus of the new venture is on startups within the future of work and longevity sectors.
In comments to Business Insider, Watt noted that the current landscape, characterized by the artificial intelligence boom and rising interest rates, presents an opportunity for a differentiated venture capital model. This is why Share Ventures plans to create its own software solutions alongside advanced language models to streamline its operations.
He mentioned that with less capital, investors can identify promising opportunities earlier, which is advantageous when building startups from the ground up while leveraging advanced technologies.
Watt pointed out that while many venture firms are investing in new technologies, they often do not utilize these tools within their own processes. He emphasized the importance of using novel data and automation, which he believes sets Share Ventures apart.
His personal interest in health and longevity was spurred by the early loss of his mother when he was 25, a tragedy that made him more aware of mortality. Watt reflected on how this experience has shaped his perspective on life and business.
Despite MoviePass’s failure, which he recently discussed in an HBO documentary titled “MoviePass, MovieCrash,” Watt remains committed to innovation and is eager to explore new opportunities, acknowledging the potential for both success and failure.