Hamet Watt, co-founder of MoviePass, is embarking on a new venture after the company’s notable failure. He is currently raising funds for Share Ventures, a studio aimed at developing and funding startups.
Watt, who introduced MoviePass in 2011, which allowed moviegoers unlimited access to films for a monthly fee, has reported that his new company has already garnered nearly $20 million in funding. Notable investors include tech giants Alphabet and Amazon. Share Ventures is focusing on innovation within the realms of future work and longevity.
He noted that the current climate, characterized by the AI surge and elevated interest rates, has created an environment conducive to a differentiated venture capital model. To this end, Share Ventures is developing its own software and complex language models to optimize its operations.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this approach allows them to build companies from the ground up while utilizing advanced tools effectively.
Additionally, Watt pointed out that while many venture firms are investing in new technologies, few are implementing them to their full potential. He believes that incorporating innovative data and automation makes Share Ventures unique.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49. This experience profoundly influenced his perspective on life.
Reflecting on his past with MoviePass and his recent participation in the documentary “MoviePass, MovieCrash,” Watt expressed a determination to continue innovating, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”