Hamet Watt, co-founder of the now-defunct MoviePass, is moving on from the company’s dramatic downfall and is in the process of raising funds for a new venture studio aimed at developing and financing startups.
Since launching MoviePass in 2011, which offered moviegoers unlimited theater access for a monthly fee, Watt has shifted his focus to Share Ventures. In a recent interview, he revealed that Share Ventures has successfully raised nearly $20 million, with notable investors including Alphabet and Amazon. The new enterprise aims to support startups in the fields of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the AI boom and rising interest rates, has created an opportunity for a “differentiated model,” prompting Share Ventures to develop its own software and complex language models to streamline its internal operations. He explained that smaller funds can lead to quicker insights on potential investments, allowing for the creation of companies from the ground up using the latest tools.
Watt also pointed out that while many venture firms are investing in emerging technologies, they often do not fully incorporate these innovations into their processes. He emphasized that utilizing unique data and automation sets Share Ventures apart.
His interest in health and longevity was sparked by personal tragedy, having lost his mother at 25, a loss that made him acutely aware of mortality. Reflecting on his experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to continue innovating despite the challenges he faced, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”