Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s dramatic decline. He is launching a venture studio called Share Ventures, aimed at developing and funding startups.
Recently, Watt shared with Business Insider that Share Ventures has successfully raised nearly $20 million in funding, attracting notable investors such as Alphabet and Amazon. The firm plans to concentrate on startups that focus on the future of work and health longevity.
Watt believes that the current landscape, shaped by the AI boom and high interest rates, presents an opportunity for a unique venture capital model. Share Ventures is innovating by creating its own software and employing sophisticated language models to streamline its operations.
He commented, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows Share Ventures to build companies from the ground up while leveraging advanced tools proactively.
Watt noted that many venture firms are investing in new technologies but often do not integrate them into their practices. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His personal experiences have shaped his interest in health and longevity, especially after losing his mother at a young age. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Watt’s past challenges with MoviePass, which he explored in the HBO documentary “MoviePass, MovieCrash,” continue to inspire his quest for innovation. He emphasized the importance of learning from failures and having the courage to attempt new ventures.