Hamet Watt, co-founder of MoviePass, is moving on from the company’s notable downfall and is now focused on fundraising for a new venture studio aimed at developing and financing startups. Watt, who launched MoviePass in 2011 with the concept of offering unlimited access to movie theaters for a monthly fee, has been busy with Share Ventures, his new company.
Share Ventures has already raised nearly $20 million, with investors including tech giants Alphabet and Amazon. The firm is concentrating on startups related to the future of work and health longevity.
Watt believes the current landscape of venture capital, influenced by the AI surge and rising interest rates, is ideal for a unique investment model. He stated that Share Ventures is developing its own software and advanced language models to streamline internal processes. According to him, this approach requires less funding and allows for quicker identification of promising opportunities.
He noted that many venture firms are investing in emerging technologies without effectively integrating them into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was sparked by the early loss of his mother when he was just 25, which profoundly impacted his perspective on mortality. Reflecting on his experiences, Watt expressed his determination to innovate despite the setbacks he faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash.” He emphasized the importance of learning from failures and the willingness to take risks in pursuit of success.