Hamet Watt, co-founder of MoviePass, is moving past the company’s notable downfall and is now seeking investment for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011, envisioned a subscription model that allowed moviegoers unlimited access to theaters. He recently shared with Business Insider that he has been focused on his new company, Share Ventures, which has already raised nearly $20 million from investors, including major companies like Alphabet and Amazon.
The new venture will concentrate on startups within the work and longevity sectors. Watt believes that the current climate, influenced by the rise of AI and higher interest rates, favors a unique investment model. Share Ventures is not only funding new companies but also developing its own software and complex language models to streamline its operations.
Watt commented on the advantages of this approach, stating, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He noted that this method is beneficial as they aim to build companies from the ground up utilizing advanced tools.
He pointed out that while many venture firms are investing in new technologies, they often fail to fully utilize them. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
Watt’s interest in health and longevity emerged after the loss of his mother at a young age, an experience that deeply influenced his perspective on life and mortality.
Reflecting on his journey, he stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”