Watt, who founded cinema subscription service MoviePass and online wellness business bLife, will focus on the digital media and health sectors for Upfront.
Upfront has been a fixture of the venture capital investment industry for 17 years under its former guise of GRP, but decided to change its moniker earlier this year.
The firm made the change as it closed its GRP IV fund in November last year on its $200m target.
Its predecessor fund closed on $185m in 2009.
The firm traditionally focuses on investments in financial services, consumers, digital media, software and mobile sectors.
Its high profile exits have included BillMe Later, Costco and Lastminute.com, and it claims to have had 15 exits of companies valued at $1bn-plus over the past 16 years.
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