Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable decline and is actively raising funds for a new venture studio aimed at supporting startups. Watt, who founded MoviePass in 2011, described his new initiative, Share Ventures, to Business Insider. The venture has already secured nearly $20 million in funding, backed by notable investors including Alphabet and Amazon.
Share Ventures is focusing on startups in the areas of future work and longevity. Watt believes that the rise of artificial intelligence and prevailing high interest rates create favorable conditions for a unique investment model. Consequently, Share Ventures is developing its own software and complex language models to streamline its internal operations.
Watt emphasized the advantages of smaller funding needs and the ability to identify opportunities more quickly with less capital. This allows Share Ventures to build companies from the ground up while utilizing cutting-edge tools throughout the process.
He also pointed out that many venture firms are investing in emerging technologies without fully integrating them into their own operations. Watt expressed confidence in the use of innovative data and automation as a distinct feature of his approach.
Inspired by personal experiences, he developed an interest in health and longevity after losing his mother at a young age, which prompted him to reflect on mortality. Despite the setbacks of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation, contemplating what he has learned and the risks involved in pursuing new ventures.