Hamet Watt, the co-founder of MoviePass, is embarking on a new journey after the company’s decline. He is currently raising funds for a new venture studio named Share Ventures, aimed at developing and funding startups.
In a conversation with Business Insider, Watt revealed that his new company has already attracted nearly $20 million in funding, with significant backing from firms such as Alphabet and Amazon. Share Ventures is focusing on innovations in the areas of work and health longevity.
Watt believes that the current climate of booming AI and high interest rates presents a unique opportunity for a new venture capital model. This perspective has led Share Ventures to create its own software and complex language models to streamline its internal processes.
He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” adding that this approach allows them to build startups from the ground up using advanced tools.
Watt observed that while many venture firms are investing in new technologies, they often do not fully integrate and utilize them in their own operations. He emphasized the importance of employing novel data and automation, which sets Share Ventures apart.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25, which prompted him to reflect on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he shared.
Watt’s previous experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has only fueled his determination to innovate. He is now embracing the challenges that come with new ventures, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”