Hamet Watt, a co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is actively raising funds for a new venture studio aimed at developing and financing startups.
Watt, who introduced MoviePass in 2011 with a subscription model that allowed unlimited access to theaters, has shared his efforts with Business Insider regarding his new company, Share Ventures. This venture has already secured nearly $20 million in funding, backed by major players including Alphabet and Amazon. The focus of Share Ventures will be on startups in the future of work and longevity sectors.
Watt commented that the current boom in artificial intelligence and rising interest rates create a favorable environment for a differentiated investment model. As a result, Share Ventures is not only funding startups but is also developing its own software and complex language models to streamline its operations.
He highlighted, “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 allows his team to build new companies from the ground up using the latest advancements.
Watt noted that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them in their operations. He believes that incorporating innovative data and automation in their process is a unique strength of Share Ventures.
His interest in health and longevity was sparked by the early loss of his mother at the age of 25, which profoundly impacted his view on life and mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setbacks from MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”